Securities industry professionals are required to register with the securities regulatory authority in each province or territory where they do business.
Being an informed investor is one of your best defenses against investment fraud. Although most investment advisers are honest and work in your best interest, you still need to carefully choose who you deal with. Before investing, visit “Are They Registered” to learn how to choose an adviser and what to check before you invest.
Firm and individual registration relies on National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and related rules, which create a Canada-wide registration regime. NI 31-103 and related rules are available on various CSA members’ websites.
The harmonized registration rule (NI 31-103) is the result of the Registration Reform Project. Established in 2004, the Registration Reform Project aimed to create a flexible and harmonized registration regime leading to administrative efficiencies and a reduced regulatory burden. The Registration Reform Project concluded in 2009 with the implementation of NI 31-103.
NI 31-103 also works with the passport system, which allows individuals and firms to register in more than one province or territory by dealing only with the “principal regulator”.
National Registration Database
The National Registration Database (NRD) is a web-based system that permits dealers and advisers to file registration forms electronically. NRD is an initiative of the CSA and the Investment Industry Regulatory Organization of Canada (IIROC).