Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations published earlier this year came into force on December 4, 2017.
- EMDs are now prohibited from participating in an offering of securities that is qualified by a prospectus filed with the Canadian securities regulators. In informal guidance, Staff of the Ontario Securities Commission has confirmed that the amendments have no impact on the ability of an EMD to participate in a concurrent or separate offering that is conducted on a private placement basis pursuant to a prospectus exemption.
- Relief related to the requirements for client reporting (the CRM2 Requirements) has been codified.
- Amendments to enhance custody requirements for certain registered firms published concurrently with the 31-103 amendments will come into force June 4, 2018.
- For further information, please see our earlier post “NI 31-103 Amendments: EMDs Banned from Prospectus Offerings”.