OSC follows CSA in issuing registration exemptions for certain U.S. Broker-Dealers and Advisers

24 avril 2015

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Today, the OSC published OSC Rule 32-505 Conditional Exemption from Registration for United States Broker-Dealers and Advisers Servicing U.S. Clients from Ontario.

OSC Rule 32-505 provides an exemption from the dealer and adviser registration requirements, subject to certain conditions, for certain U.S. broker-dealers and U.S. advisers.  Such entities that trade to, with, or on behalf of, clients that are resident in the U.S. or that act as advisers to clients resident in the U.S. but that trigger the registration requirement in Ontario because they have offices or employees in Ontario will be exempted from the dealer and adviser registration requirements.  The exemption is not available to broker-dealers that trade to, with or on behalf of persons or companies that are resident in Ontario or to advisers that act as advisers to Ontario residents.  One of the conditions of OSC Rule 32-505 is that broker-dealers and advisers relying on this exemption must complete Form 32-505F1 Information Report for United States Broker-Dealers and Advisers Servicing U.S. Clients from Ontario and submit it to the OSC. 

OSC Rule 32-505 follows parallel blanket orders issued by all members of the Canadian Securities Administrators except Ontario on March 26, 2015.  Blanket orders are not authorized under Ontario securities law and therefore, in order to harmonize with the parallel blanket orders, the OSC has issued OSC Rule 32-505 which is substantially similar to the parallel blanket orders issued by the CSA.  OSC Rule 32-505 is published pursuant to section 143.2(5)(b) on an expedited basis without an opportunity for comment by stakeholders.

OSC Rule 32-505 will come into force no later than July 7, 2015 unless the Minister of Finance returns the rule to the OSC for reconsideration.

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