NI 33-109 and Commodity Futures Act registration forms proposed to be amended

14 juillet 2016

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The Canadian Securities Administrators (CSA) have proposed amendments to certain forms under National Instrument 33-109 Registration Information.  Consequently, the Ontario Securities Commission (OSC) has proposed corresponding amendments to the equivalent forms under OSC Rule 33-506 (Commodity Futures Act) Registration Information Requirements.

Proposed amendments were published to Forms 33-109F4 Registration of Individuals and Review of Permitted Individuals and 33-506F4 Registration of Individuals and Review of Permitted Individuals; Forms 33-109F6 Firm Registration and 33-506F6 Firm Registration;and Forms 33-109F7 Reinstatement of Registered Individuals and Permitted Individuals and 33-506F7 Reinstatement of Registered Individuals and Permitted Individuals

The proposed amendments are fairly discrete and are described by the OSC as “minor amendments of a housekeeping nature”.  For example, one of the proposed amendments to Forms 33-109F6 and 33-506F6 eliminate the requirement to disclose exemptions from registration or licensing to trade or advise, if the firm has already notified the Director.  The proposed amendment to Forms 33-109F7 and 33-506F7 would revise an exception for changes to information previously submitted when a registered individual joins a new sponsoring firm.  The proposed revision to the exception would allow reinstatement upon the submission of Form 33-109F7 or 33-506F7, as applicable, subject to certain other conditions, if there are no changes to information previously submitted in Item 13 (among other Items) of Form 33-109F4 or 33-506F4, as applicable, other than to Item 13.3(a) (instead of Item 13.3(c), as is currently  the case).

The proposed amendments are set out in detail in Annex D and Annex F of the CSA Notice and Request for Comment relating to proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.  Please see here for our post discussing the proposed amendments to NI 31-103.  The CSA has requested that comments on the proposed amendments be submitted by October 5, 2016.

Post Script: the Manitoba Securities Commission confirmed in MSC Notice 2016-35 that the proposed amendments to NI 33-109 are also being published under The Commodity Futures Act (Manitoba).

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