Regulators are extending the exemption from new relationship disclosure requirements for fund dealers and investment dealers until the end of 2013, the Canadian Securities Administrators said Wednesday.

Firms that belong to the Mutual Fund Dealers Association of Canada and the Investment Industry Regulatory Organization of Canada had been granted an exemption from the new relationship disclosure requirements that are to be imposed under the provincial securities commissions’ registration reform rule, on the basis that the self-regulatory organizations are bringing in their own similar requirements as part of the Client Relationship Model reforms. That exemption is due to expire on Sept. 28.

The CSA published a notice Wednesday indicating that it is extending those exemptions until the end of 2013. It notes that the MFDA has already approved its new disclosure rules, and it says that IIROC is expected to finalize its rules by the end of this year. Both SROs would then allow a two-year transition period for firms to get in compliance, which would run to the end of 2013. So, the regulators are exempting firms from their requirements in this area while the SRO rules are implemented.

Additionally, the are also extending interim relief exempting certain companies, such as banks and credit unions, from the requirement to register when trading in short-term debt instruments. That relief was also slated to expire on Sept. 28, it is now being extended until Sept. 28, 2014. And, they are also offering relief from the new restrictions on registration exemptions for international dealers and international advisers that were introduced earlier this year.

IE