On May 28, 2015, the Ontario Securities Commission published OSC Rule 32-505 Conditional Exemption from Registration for United States Broker-Dealers and Advisers Servicing U.S. Clients from Ontario. The Rule provides exemptions from the dealer and adviser registration requirements for US registered broker-dealers and advisers that have offices or employees in Ontario, and are trading to, with or on behalf of clients that are resident in the United States, or acting as advisers to US clients – provided these firms do not have any Ontario resident clients.

Firms that wish to make use of this exemption must complete and file Form 32-505F1 with the OSC by August 31, 2015.

Outside of Ontario, the other provincial securities regulators issued parallel orders in March 2015 granting the same exemption from the requirement to register as a dealer or adviser to U.S registered firms provided the firms do not trade for or advise Canadian clients.