Under a new order delegating certain powers to the Investment Industry Regulatory Organization of Canada, the regulator will be able to impose conditions on advisor registration at any time.

The change comes as the regulators adopt the new system of permanent registration, which doesn’t require advisors to renew their licenses annually as they had to in the past.

Under the old delegation, the IIROC could only impose conditions at the time of initial registration. But the registration reform rule took effect on Sept. 28, bringing the new system into being.

According to Friday’s OSC Bulletin, on September 22, the executive director of the Ontario Securities Commission revoked the old delegation order and issued the new one. It notes that the new order “includes an assignment to IIROC of the director’s power to impose terms and conditions on the registration under the [Ontario Securities Act and Commodity Futures Act] of an individual registered representative of an IIROC-member firm during the currency of the representative’s registration.”

IE