CSA identify local variations in NI 31-103 and other national instruments

March 13, 2015

The CSA yesterday issued a notice identifying local amendments to national instruments, in particular NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, in Alberta and NI 58-101 Disclosure of Corporate Governance Practices in Yukon that may be of importance outside of those jurisdictions.

The CSA note that several national instruments have been varied in Alberta to conform with changes in terminology made in the Securities Act (Alberta) to create a framework for derivatives regulation. Specifically, the Securities Act was amended last year to add a definition of “derivative” and to repeal and replace throughout the Securities Act the terms “exchange contract” and “futures contract” with the term “derivative”. As such, NI 31-103 as applicable in Alberta was amended effective October 31, 2014 to reflect these changes in terminology, as were the ASC Rules (General), ASC Rule 15-503 Production of Records, NI 21-101 Marketplace Operation, NI 23-102 Use of Client Brokerage Commissions, NI 55-104 Insider Reporting Requirements and Exemptions. For more information on the changes to Alberta's Securities Act, see our related post on our Canadian Structured Finance Law blog. The CSA further note that effective January 11, 2015, the local amendments made to NI 31-103 in Alberta that vary from the other CSA jurisdictions are contained in sections 8.20 and 8.20.1, which deal with exemptions from the dealer registration requirement.

Meanwhile, in Yukon, amendments were made to NI 58-101 Disclosure of Corporate Governance Practices on December 31, 2014 in coordination with Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Quebec and Saskatchewan to adopt disclosure requirements in respect of board diversity.

For more information, see CSA Staff Notice 11-328.

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