The Canadian Securities Administrators have launched the National Registration System, harmonizing and streamlining the registration regime of individuals and firms across all jurisdictions.

The NRS allows an individual or firm to apply for registration in multiple jurisdictions and deal with only one regulator, known as the principal regulator.

The CSA says the NRS will improve the registration process by applying principles of mutual reliance to reduce unnecessary duplication in the analysis and review of registration applications of investment dealers, mutual fund dealers, unrestricted advisers, and their sponsored individuals.

Under the system, an applicant will be required to meet the “fit and proper” standards of only the principal regulator. Non-principal jurisdictions will generally rely on the principal regulator’s decision to grant registration and will normally grant registration within five days after the principal regulator.

The CSA says the new system will enhance efficiencies by requiring fewer application reviews, streamlining regulatory decision-making and providing applicants with a single point of contact with regulators.

“The National Registration System greatly simplifies the registration process for firms and individuals, and will permit a quicker process for those applicants who want to be registered in multiple jurisdictions,” said Jean St-Gelais, CEO of the Autorité des marchés financiers and Chair of the CSA.

The NRS may be used by members of the Investment Dealers Association of Canada , mutual fund dealers and unrestricted advisers (investment counsel/portfolio managers).

The NRS is part of the Registration Reform Project, an ongoing CSA initiative to harmonize registration processes.

The requirements and procedures under the NRS are set out in National Instrument 31-101 National Registration System, and National Policy 31-201 National Registration System. The Instrument and Policy are made available on the websites of CSA members, and were published in the OSC Bulletin on April 1, 2005.