It is important to remember that if a firm has security holders in Ontario, Québec or Newfoundland (the Jurisdictions), it is required to register as an investment fund manager (IFM) in those applicable Jurisdiction(s), unless it can rely on an exemption from that requirement. Though it is easy for firms who conduct very little IFM-related activities in the Jurisdictions to forget this important step, the omission of IFM registration can result in issues with the regulators.