The Canadian Securities Administrators have just published National Instrument 31-103 Registration Requirements and Exemptions (31-103) in final form. 31-103, which results from a comment and review process that started in early 2007, is expected to be in force on September 28, 2009, with varying transition periods for implementation of different aspects of the rule. 31-103 regulates dealers, advisers and investment fund managers and is intended to harmonize and streamline registration requirements and exemptions across all Canadian jurisdictions. Some of the more material changes in approach include the effective elimination of the dealer registration exemption for trading in the exempt market in Canada and the imposition of a new registration requirement for investment fund managers.

The new registration regime has significant implications for Canadian and non-Canadian market participants, particularly those now doing business in any Canadian jurisdiction on an unregistered or exempt basis.