With the adoption of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) in 2009, the securities registration regime across Canada experienced a major overhaul. Before then, regulators in some provinces including Alberta, Manitoba and Saskatchewan required firms seeking to be registered in certain categories to obtain insurance coverage in the form of a surety bond in addition to a Financial Institution Bond. With the adoption of NI 31-103, these provincespecific surety bond requirements were eliminated.

Although this regulatory change occurred quite some time ago, it may be valuable for registrants to review their current insurance coverage to determine whether their firm is adequately insured and/or whether it is paying insurance premiums for coverage it no longer requires.