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Canadian securities regulators modernize registration information requirements, clarify outside activity reporting and update filing deadlines

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The Canadian Securities Administrators (CSA) today published final amendments to establish a more efficient registration and oversight process for firms, individuals and regulators by simplifying and streamlining certain regulatory requirements. The changes also provide firms and individuals with greater clarity on the information required as part of the registration process, while improving the quality of information received by regulators.

Provided all Ministerial approvals are obtained, the amendments will come into force on June 6, 2022. The CSA will not require registrants to update their registration information as of the effective date of the amendments. Instead, registrants will be required to update their information by the earlier of (i) when the registrant next has a change in registration information to report on or after the June 6, 2022 effective date or (ii) June 6, 2023. The final amendments include guidance (Annex C) relating to updating registration information.

“The submission of registration information represents an important touchpoint between regulators, firms and individuals,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “The changes announced today will streamline the Canadian framework for registration information, resulting in cost and time savings to registrants, while providing the CSA with the information it needs to carry out its regulatory function and protect investors.”

Highlights include:

  • Establishing a new framework for reporting outside activities to regulators
  • Codifying existing requirements regarding outside activities that are positions of influence
  • Extending some deadlines to report changes in registration information
  • Implementing a new rule to reduce multiple filings of the same information
  • Amending certain registration requirements to reduce common errors
  • Clarifying the language on certain forms
  • Updating and improving the privacy notice to provide greater clarity on how personal information is collected and used by the CSA and SROs
  • Implementing a new requirement to report the business titles and professional designations used by registered firms and individuals

The amendments are not intended to change the nature of the registration process, the requirement to register or the assessment of suitability for registration.

The amendments to National Instrument 33-109 Registration Information, and related changes to its companion policy, as well as consequential amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and changes to its companion policy can be found on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

This news item was originally published by the Ontario Securities Commission (OSC CA). For more information, see the Source Link.

Regulator Information

Abbreviation: OSC
Jurisdiction: Canada

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