Changes to registration
Changes to registration are generally made through the NRD. Please consult NRD Info for more information.
Changes of category or jurisdiction
A firm or individual registered with the ASC can add or remove categories of registration and add or remove registration in other provinces or territories.
- To add or remove a category or jurisdiction for a firm, complete the relevant sections of Form 33-109F6 and submit it following the instructions on the form.
- To add or remove a category for an individual, complete the relevant sections of Form 33-109F2 and submit it following the instructions on the form.
- To add or remove a jurisdiction for an individual, complete the relevant sections of Form 33-109F4 and submit it following the instructions on the form.
Reinstatement of registration (individuals)
If a registered individual’s employment ends with their sponsoring registered firm and the individual seeks registration with a new sponsoring firm within 90 calendar days of the employment end date, they can reinstate their registration under the following conditions:
- Both firms are registered in the same registration category.
- The individual is seeking reinstatement in the same registration category.
- The reinstatement registration application is submitted on or before the 90th calendar day after the employment end date.
- There have been no changes to the information submitted in Items 13 through 16 of the individual’s Form 33-109F4 , other than 13.3a since the individual left their former sponsoring firm.
- The individual was not dismissed by, was not asked to resign from, or did not resign voluntarily from the former sponsoring firm following an allegation against the individual of criminal activity, a breach of securities legislation, or a breach of the rules of a self-regulatory organization (SRO).
If these conditions are met, the individual should complete Form 33-109F7 and the new sponsoring firm should submit it in accordance with the instructions on the form.
Terms and conditions
Terms and conditions are additional requirements that the ASC may impose on registered firms or individuals. They may be imposed at the time of registration, such as on a restricted portfolio manager. Terms and conditions applicable upon registration are in place until the business model of the firm changes, at which point the firm must inform the ASC of the change by filing a Form 31-109F5 (to the ASC; not through NRD) and attaching an amended Form 33-109F6 specifying the change. The ASC will review the change and determine if an amendment to or removal of terms and conditions is warranted.
Terms and conditions may be imposed after registration, typically to address proficiency, solvency or integrity concerns with a registered individual or to address compliance issues or business plan changes in the case of registered firms.
Firms and individuals can request the removal of terms and conditions by emailing registration@asc.ca.
Surrender of registration
Surrender of registration is the process in which a firm or individual voluntarily terminates their registration in one or more categories in one or more jurisdictions. Registered firms and individuals can apply with the ASC to surrender their registration by emailing registration@asc.ca. The surrender process can vary on a case-by-case basis, but generally consists of the following steps:
1. The firm provides written notification to the ASC of the firm’s intent to surrender, including the following information:
- The reason for the surrender.
- The timeline(s) when the firm expects to cease registerable activities (if applicable).
- When the firm expects to meet its client obligations, such as completing notifications to clients and transfers of client assets (if applicable).
2. The firm signs and submits the acknowledgement of suspension of registration. Please refer to 31-103CP (Section 10.5 Surrender).
3. The firm signs and submits the Officer Certificate confirming the cessation date of registerable activities. Please refer to 31-103CP (Section 10.5 Supporting documentation).
4. ASC staff will place the firm in suspended (pending surrender) status on the NRD upon receipt of the documents in steps 1-3. The firm will not be placed in suspended (pending surrender) status until the firm has ceased registerable activities. The firm will remain active until it has complied with steps 1-3 and has ceased registerable activities.
5. ASC staff will commence the review of the surrender application after the firm is placed in suspended (pending surrender) status on the NRD. The firm must provide the following documents:
- Audited financial statements as at the date when the firm ceased its registerable activities/as at the cessation date (i.e., the date when the firm’s registration has been placed in suspended (pending surrender) status).
- If the suspension process is relatively close in time to the end date of the last audited financial statements, staff may consider the provision of a statement for a stub period and specified procedures in relation thereto.
- The Auditor’s comfort letter should confirm that all financial obligations of the firm have been discharged as of the applicable date (i.e., the date when the firm’s registration has been placed in suspended (pending surrender) status).
Please refer to section 10.5 of 31-103CP for guidance on the surrender requirements.
6. The firm must file the notice of termination (Form 33-109F1) on the NRD for all individuals associated with the firm except for the ultimate designated person (UDP) and/or chief compliance officer (CCO).
7. The firm must file its final Monthly Suppression of Terrorism and Canadian Sanctions report for the applicable period.
8. The firm must ensure that the firm’s website is deactivated and that all individuals who have been suspended or terminated do not present themselves on social media, business cards, corporate websites, and LinkedIn as being registered or as conducting registerable activities under the firm’s name.
9. Upon completion of the review and before the surrender is accepted, ASC staff will request the firm to file the notice of termination for the UDP and/or CCO before finalizing the acceptance and termination of the firm’s registration on the NRD.
10. The firm’s registration is terminated on the NRD and confirmation is sent to the firm.
For details about the process of surrender of registration for firms including the information to be submitted, refer to section 10.5 of 31-103CP.
If the firm is also registered in Ontario as a non-principal jurisdiction, it must also apply with the Ontario Securities Commission. For details, refer to the Companion Policy to Multilateral Instrument 11-102 and the OSC’s web page on surrendering registration.
If an individual wants to surrender their registration in one or more of the non-principal jurisdictions in which they are registered, the individual’s sponsoring firm should complete Form 33-109F2 and file it.
If an individual wants to surrender their registration in their principal jurisdiction, the individual’s sponsoring firm should complete Form 33-109F1 and file it.
Suspension, reinstatement, and revocation of registration
A firm whose registration has been suspended must not carry on the activity it is registered for. A suspension remains in effect until the regulator reinstates or revokes the firm’s registration.
A firm’s registration will be automatically suspended if:
- It fails to pay its annual fees within 30 days of the due date.
- It ceases to be a member of the Canadian Investment Regulatory Organization (CIRO) while registered as an investment dealer or mutual fund dealer.
An individual’s registration will be automatically suspended if:
- They cease to have a working relationship with their sponsoring firm.
- The registration of their sponsoring firm is suspended or revoked.
- They cease to be an approved person of an SRO.
The ASC may suspend a firm’s or individual’s registration in the interest of the public if it has serious concerns about the ongoing fitness of a firm or any of its registered individuals.
“Reinstatement” means that a suspension on a registration has been lifted. Once reinstated, a firm or individual may resume carrying on the activity it is registered for. The process of reinstatement may be automatic or require action from the registrant. Refer to National Instrument 33-109 Registration Information and sections 6 and 10 of 31-103CP for details.
“Revocation” means that the regulator has terminated the firm’s or individual’s registration. A firm or individual whose registration has been revoked must submit a new application if it wants to be registered again. In most cases, a firm or individual who has been suspended and not reinstated will have their registration revoked on the second anniversary of the suspension. Refer to sections 6 and 10 of 31-103CP for details.