The CSA announced further changes to NI 31-103 in order to streamline and increase efficiency, with comments due by March 5, 2014. These changes include the following:
- Providing guidance on proficiency requirements for those individuals applying as an associate advising representative or as an advising representative
- Providing guidance on the experience required of a chief compliance officer of a dealer
- Restricting the activities that an exempt market dealer can do
- Providing guidance on conflicts of interest, including with respect to outside business activities
- Streamlining the filing of notices under sections 11.9 and 11.10 with respect to the acquisition of securities of registrants
- Providing additional guidance for start-up entities and venture capital / private equity issuers
- Codifying a sub-adviser and a short-term debt exemption
- Making amendments to certain existing exemptions in NI 31-103, and adding interpretative guidance
- Improving the forms under NI 33-109 and NI 31-103
If you have any questions about these changes, please do not hesitate to contact either Garth Foster or Tracy Hooey