The CSA yesterday published a range of final changes to the registrant regulatory framework intended to codify exemptive relief and narrow the scope of activities that are conducted by certain registrants. The CSA proposed the amendments in December 2013, and the release published today includes minor drafting changes intended to provide further clarity.

As we discussed last year, these amendments to NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, NI 33-109 Registration Information, NI 52-107 Acceptable Accounting Principles and Auditing Standards, companion policies and OSC Rules 33-506 (Commodity Futures Act) Registration Information and 35-502 Non-Resident Advisers will, among other things, (i) restrict the activities that exempt market dealers may conduct; (ii) prohibit exempt market dealers from conducting brokerage activities; (iii) clarify the limited circumstances in which exempt market dealers are able to underwrite securities; and (iv) codify an exemption for sub-advisers and exempt registered sub-advisers from certain registrant obligations.

The changes are expected to come into force on January 11, 2015.