CSA updates regulatory framework

The Canadian Securities Administrators have updated the regulatory framework for firms and individuals who deal in securities, provide investment advice or manage investment funds.

The revised rules codify current exemption orders and frequently asked questions, provide new filing timelines, refine certain exemptions, and provide extended transition periods in respect of certain requirements.

New guidance and clarifications have also been added to improve the framework and to reflect the changeover to International Financial Reporting Standards.

“These amendments are the result of our continuing dialogue with market participants and regulators to address questions and concerns that have arisen in the course of working with the National Registration Rules,” said Bill Rice, chair of the CSA, as well as chair and CEO of the Alberta Securities Commission. “We believe these amendments will improve the day-to-day operation of the Instrument for both industry and regulators.”

In some jurisdictions, ministerial approvals are required. Subject to obtaining all necessary approvals, the amended registration regime will come into force in all jurisdictions on July 11, 2011.

The revised National Registration Rules and related amendments are available here.

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