On November 14, 2008, the Canadian Securities Administrators (CSA) published CSA Staff Notice 31-309 to provide an update on the status of proposed National Instrument 31-103 Registration Requirements. NI 31-103 represents the CSA's proposal to reform the registration regime across the country by harmonizing and streamlining registration and related requirements. An earlier version of proposed NI 31-103 was published by the CSA in February 2007 and after industry comments were considered, the CSA introduced an amended version in early 2008. Both proposals were subject to a great deal of interest by various market participants, as demonstrated by the 300 comment letters generated from the most recent version of proposed NI 31-103.
As such, the CSA has stated that they will need more time to develop their final proposal as they are still in the process of reviewing the many comments submitted. The target date for implementation of NI 31-103 has, therefore, been delayed and will no longer occur on March 30, 2009. The CSA expect their work to be completed by April 2009, at which time they plan to provide a timetable for the implementation of the new regime.
For more information on registration reform, see our Registration Reform information page.