Jacoline Loewen: NI 31-103 is a really bold change

October 8, 2010

NI 31-103 is a really bold change

Individuals and firms who distribute exempt-market securities are scrambling to meet the new requirements they’ll face beginning Sept. 28. In fact, some are even moving out of the exempt-securities realm altogether as they assess the drastic regulatory reforms associated with National Instrument 31-103.

The new regulations include widespread changes for exempt-market dealers. EMDs include those who distribute prospectus-exempt securities such as hedge funds, principal-protected notes and limited partnerships, as well as those who work with accredited investors.

“This is the one area of NI 31-103 that is a really bold change,” says Geoffrey Ritchie, executive director of the Toronto-based Exempt Market Dealers Association of Canada. “It’s a huge transition.”

Most of NI 31-103’s new regulations came into effect on Sept. 28, 2009. However, existing EMD firms and reps had one year to comply with some of the requirements. Regulators are warning that registrants who fail to meet the looming deadline could face immediate suspension until they comply.

For firms dealing in exempt securities, the upcoming deadline includes new capital requirements, beefed-up disclosure rules and new filing requirements for financial statements. Dealing reps at these firms, meanwhile, face new proficiency requirements under which they must successfully complete either the Canadian securities course offered by Toronto-based CSI Global Education Inc. or the more specialized exempt-market products course offered by the Investment Funds Institute of Canada’s IFSE Institute.

Chief compliance officers with EMDs are also required to complete one of these two courses, along with either IFSE’s officers, partners and directors course or CSI’s partners, directors and senior officers course.

The new proficiency requirements are intended to protect investors, according to the Ontario Securities Commission, by ensuring that reps who deal with the exempt market meet minimum qualifications.
Find out more about the Exempt Market Dealers Association http://www.emdacanada.com/

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Money Magnet by J. Loewen - Book Review

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October 8, 2010

NI 31-103 is a really bold change

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