Canadian regulators issue registration exemptions for U.S. dealers and advisers

27 mars 2015

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Canadian securities regulators, other than Ontario, yesterday released omnibus blanket orders to exempt certain U.S. broker-dealers and advisers from registration requirements where they have offices or employees in Canada but are not registered in Canada and do not trade for or advise Canadian clients.

In the past, Canadian regulators have exempted U.S. broker-dealers and advisers with Canadian offices from registration where dealers and advisers: (i) traded for or advised U.S. resident clients; (ii) were appropriately registered in the U.S.; and (iii) were subject to the oversight of an acceptable securities regulator. The orders released yesterday will apply in similar circumstances to U.S. broker-dealers and advisers that comply with similar conditions. Firms will also be required to file with regulators a current Information Report in the form provided in Appendix “A” to the blanket order in order to rely on the exemption.

Since orders of general application are not authorized under Ontario law, the OSC will consider granting exemptive relief under similar conditions. 

The orders are effective March 26. For more information, see CSA Staff Notice 32-301. Each jurisdiction will publish its own Omnibus Blanket order (see here for Alberta).

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