Securities regulators have decided that firms don’t have to report registered reps who take short-term disability leaves of less than three months.

The NRD Operational and Procedures Committee, which is comprised of representatives from the Canadian Securities Administrators and the Investment Dealers Association of Canada, has reviewed whether relief may be granted to firms for notification requirements under NRD rules for individuals who go on short term disability. The committee decided that: it is not mandatory for firms to advise the regulators of short-term disability leaves of three months or less taken by registered and approved individuals who do not hold supervisory positions.

However, they must notify the regulators of any short-term disability leaves for individuals who hold supervisory positions and ensure that appropriate measures have been taken to cover the duties of the absent supervisor. For IDA members this applies to the chief compliance officer, chief financial officer and branch managers, among others. Notifications must be submitted to the regulators by way of a NRD submission or in writing where NRD does not permit electronic filing of the notification.

Regulators will look to firms to ensure that the necessary policies and procedures are in place to handle registrant absences to ensure that client service standards are met continuously.