The Canadian Securities Administrators has published details of a new streamlined process for dealer and advisor registration in multiple jurisdictions.

All CSA members (except the Ontario Securities Commission) have approved rule and policy amendments to make the regulatory passport system available to registrants in all jurisdictions, including Ontario, the CSA said Friday.

At the same time, CSA members in all provinces and territories (including Ontario) have approved a new policy containing procedures for registration in multiple jurisdictions. It includes an interface for firms and individuals in passport jurisdictions to register in Ontario.

“Making the passport system available for the dealer and adviser community will give all market participants faster and simpler access to Canada’s capital markets,” said CSA Chairman Jean St-Gelais. “This phase of passport will simplify the regulatory processes and will benefit registrants and investors in all provinces and territories.”

Amending Multilateral Instrument 11-102 Passport System to extend passport to the dealer and adviser community is the last step in fulfilling a major commitment in the memorandum of understanding regarding securities regulation among the governments of passport jurisdictions. Ontario is not a passport jurisdiction.

The new policy, National Policy 11-204 Process for Registration in Multiple Jurisdictions, will replace and streamline the current National Registration System (NRS) and establish the process for obtaining registration in multiple jurisdictions, including Ontario.

Once the rule and policy amendments are effective, the passport system will be fully implemented. Passport will allow someone to clear a prospectus, obtain a discretionary exemption or register in the home province (including Ontario) and have that clearance, exemption or registration apply automatically in all passport provinces and territories.

The CSA now expects to complete the work on proposed NI 31-103 Registration Requirements by the end of April 2009, when we expect to be in a position to determine an implementation date.

IE