Becoming a Regulated Dealer
Firms interested in becoming IIROC-regulated Dealers Members will find the necessary information and forms under the sections below.
|
|
|
|
|
Alberta
New Dealer Registration
The regulation of Investment Dealers has been delegated to the Investment Industry Regulatory Organization of Canada (IIROC) in Alberta and Saskatchewan and all submissions should be made directly to IIROC. If IIROC Membership has not been granted, an Application for Membership must be made to our Toronto head office in conjunction with this application.
This document describes the basic requirements for registration in Alberta and Saskatchewan. Nothing in this document should be taken as legal advice. The service of a solicitor familiar with securities matters is recommended to assist with an application.
In order to efficiently review the application for registration, we suggest that you follow the attached outline when completing your initial filing. This list does not preclude request for additional clarification and information as necessary for registration.
Registration Process
Step 1:
If the firm has not enrolled to use the National Registration Database (NRD), enrollment is required to obtain a unique NRD number. This will allow firms to submit applications, notices, and update information through the internet-based NRD system.
a) In order to enroll, applicant firms should follow the enrolment procedures set out on the NRD information website at www.nrd-info.ca. The enrolment forms are also found on this site. The applicant firm must submit the NRD forms 1, 2, and 3, required documentation and fees as outlined on the website.
If the firm has enrolled on the NRD system: there is no need to enroll again.
Step 2
All firms must submit a completed Form 33-109F6 (Application for Firm Registration) to the regulator. The Form 6 may be found on the ASC website via the following link: http://www.albertasecurities.com under Forms & Fees. The F6 and supporting documents should be submitted to the regulator via email with scanned signatures. The F6 should only be sent to the firm’s Principal Regulator (determined by where the firm’s head office is located). If the firm is seeking registration in Ontario, and Ontario is not the firm’s principal regulator, a copy of the F6 must also be filed without supporting documents, with the Ontario Securities Commission.
Supporting Documents:
The following documents must be submitted along with the F6:
Constating documents (articles of incorporation & By-Laws)
Organization chart
Ownership chart
Schedule B – Submission to Jurisdiction and Appointment of Agent for Service for each jurisdiction where the firm is seeking registration
You must include all supporting documents and fees with your submission and may be asked to provide other information and documents to help determine whether the firm is suitable for registration.
Fees:
Registration fees for each jurisdiction in which the application is being made are required. For fee information, refer to the prescribed fees of the applicable jurisdiction for details.
For further information, please contact:
Manager, Registration
Investment Industry Regulatory Organization of Canada
Prairie District
Suite 2300, 355 – 4th Avenue S.W.
Calgary, Alberta T2P 0J1
(403) 260-6293
British Columbia
Registration Information - British Columbia
1. Registration with the B.C. Companies Branch, Victoria.
Under BC Instrument 22-502, the B.C. Securities Commission has authorized Investment Industry Regulatory Organization of Canada - Pacific District to register
a) Investment Dealers
b) Trading Partners, Directors or Officers of Investment Dealers
c) Salespersons of Investment Dealers
d) an underwriter that is a member of the Investment Industry Regulatory Organization of Canada
B.C. Companies Branch (General Information) 1-800-663-6102 or (250) 953-8250
Ministry of Finance
Corporate Registry
Suite 400A, 4000 Seymour Place
Victoria, B.C.
V8X 5J8
2. Form 33-109F6 – Firm Registration
All supporting documentation must be attached to the 33-109F6 form.
The fee is in the amount of $2,500.00 (one-year period for an Investment Dealer). Fees will be requested via the National Registration Database (NRD).
3. All applications for Partners, Officers, Directors, Investors 10% and over and Sale staff must be submitted via the National Registration Database (NRD). Enrollment forms for accessing the NRD can be downloaded from www.nrd-info.ca.
4. Business Location Opening submission via NRD, for each office the firm intends to operate in the province.
5. The fee for each trading individual is $250.00 for a one-year license and is remitted via NRD upon application.
For further information, please contact:
Manager, Registration
Investment Industry Regulatory Organization of Canada
Pacific District
Suite 2800, 1055 West Georgia Street
Vancouver, British Columbia V6E 3R5
(604) 683-6222 |
|
|
|
|
Nova Scotia, New Brunswick, Prince Edward Island
Registration Information - Nova Scotia, New Brunswick and Prince Edward Island
IIROC does not have delegation for individual or firm registration in Nova Scotia, New Brunswick, or Prince Edward Island. For firms applying for the first time to be an Investment Dealer, approval and registration must be obtained from IIROC and the applicable securities commission/securities regulatory authority respectively.
For registration approval in these jurisdictions, the following is required:
1. All applications for approved persons (includes Partners, Executives, Directors, Supervisors, Registered Representatives and Investors) must be submitted via the National Registration Database (NRD). Enrollment forms for accessing NRD can be downloaded from www.nrd-info.ca.
2. Open Location Submissions filed via NRD are to be filed for each office location the firm intends to operate in the province.
NOTE: The applicable Securities Commission/ securities regulatory authority must be contacted directly in order to ascertain any documentation they may require.
For further information, please contact:
Investment Industry Regulatory Organization of Canada
Nova Scotia, New Brunswick, and Prince Edward Island Jurisdictions
Suite 2000, 121 King Street West
Toronto, Ontario M5H 3T9
Managers, Registration:
Chris Bhalla 416-865-3032
Kerry Newman (416) 943-5839
Lucy Pacheco (416) 943-6916
|
|
|
|
|
Ontario
Registration Information – Ontario
For firms applying in the Province of Ontario (in a resident or non-resident capacity)
1. All applications for Approved Persons (Partners, Executives, Directors, Registered Representatives, and Investors) must be submitted via the National Registration Database (NRD). Enrollment forms for accessing NRD can be downloaded from www.nrd-info.ca.
2. Business Location Opening submission via NRD, for each office the firm intends to operate in the province.
NOTE: The Investment Industry Regulatory Organization of Canada (IIROC) has not been delegated the authority to register firms in the province of Ontario. As a result, a Form 33-109F6 must be submitted directly to the Ontario Securities Commission (OSC). It is recommended that the OSC be directly contacted by the firm applying in order to ascertain what documentation they will require.
For further information, please contact:
Investment Industry Regulatory Organization of Canada
Suite 2000, 121 King Street West
Toronto, Ontario M5H 3T9
Managers, Registration:
Chris Bhalla (416) 865-3032
Kerry Newman (416) 943-5839
Lucy Pacheco (416) 943-6916 Quebec
Registration Information – Quebec
New Dealer Registration – Head Office to be located in Quebec
Step 1:
If the firm has not enrolled to use the National Registration Database (NRD), enrollment is required to obtain a unique NRD number. This will allow firms to submit applications, notices, and update information through the internet-based NRD system.
In order to enroll, applicant firms should follow the enrolment procedures set out on the NRD information website at www.nrd-info.ca. The enrolment forms are also found on this site. The applicant firm must submit the NRD forms 1, 2, and 3, required documentation and fees as outlined on the website.
If the firm has enrolled on the NRD system: there is no need to enroll again.
Step 2:
Firm Registration:
IIROC has not been delegated the authority to register firms in the province of Quebec. As a result, a Form 33-109F6 must be submitted directly to the Autorité des marches financiers (AMF). It is recommended that the AMF be directly contacted by the firm applying in order to ascertain what documentation is required. Email address: [email protected]
Registration of individuals:
1. All applications for Directors, Executives and Sales Staff must be submitted via the National Registration Database (“NRD”). Enrollment forms for accessing the NRD can be downloaded from www.nrd-info.ca.
2. All Open a Location submissions are to be filed via NRD for each office the firm intends to operate in the province.
For further information, please contact:
Manager, Registration
Investment Industry Regulatory Organization of Canada
Quebec District
Suite 1550
5, Place Ville Marie
Montreal, Quebec
H3B 2G2
(514) 878-2854 Manitoba, North West Territories, Yukon and Nunavut
Manitoba, Northwest Territories, Nunavut and Yukon
|
For firms applying in Manitoba, Northwest Territories, Nunavut and Yukon:
1. All applications for Directors, Executives and Sales staff must be submitted via the National Registration Database (“NRD”). Enrollment forms for accessing the NRD can be downloaded from www.nrd-info.ca.
2. All Open Location submissions are to be filed via NRD, for each office the firm intends to operate in the province.
NOTE: IIROC has not been delegated the authority to register firms in the province of Manitoba, Northwest Territories, Nunavut and Yukon. As a result, a Form 33-109F6 - Firm Registration must be submitted directly to the applicable securities commission.
It is recommended that the applicable securities commission be directly contacted by the firm applying in order to ascertain what other documentation they will require. If IIROC Membership has not been granted, an Application for Membership must be made to the Toronto Head Office in conjunction with this application. |
For further information, please contact:
Manager, Registration
Investment Industry Regulatory Organization of Canada
Prairie District
Suite 2300, 355 – 4th Avenue S.W.
Calgary, Alberta T2P 0J1
(403) 262-6393
For further information for Yukon registration only, please contact:
Manager, Registration
Investment Industry Regulatory Organization of Canada
Pacific District
Suite 2800, 1055 West Georgia Street
PO Box 11164, Royal Centre
Vancouver, British Columbia V6E 3R5
(604) 683-6222
Newfoundland and Labrador
Registration Information - Newfoundland and Labrador
New Dealer Registration
The regulation of Investment Dealers has been delegated to the Investment Industry Regulatory Organization of Canada (IIROC) in Toronto. All submissions are to be made directly to IIROC. If IIROC Membership has not been granted, an Application for Membership must be submitted in conjunction with any firm registration application.
This document describes the basic requirements for registration in Newfoundland and Labrador. This document does not replace the necessity to seek legal advice. The service of a solicitor familiar with securities matters is recommended to assist with an application.
In order to efficiently review the application for registration, we suggest that you follow the attached outline when completing your initial filing. This list does not preclude requests for additional clarification and/or information as necessary for registration.
Registration Process:
Step 1:
If the firm has never enrolled on the National Registration Database (NRD) system: enrollment with the NRD administrator will be required. The three NRD enrollment forms, fees and other information required to enroll with the NRD administrator, is set out on the NRD information website at www.nrd-info.ca. For additional assistance, call the NRD administrator help line: 1-800-219-5281.
If the firm has enrolled on the NRD system: there is no need to enroll again.
Step 2:
Once the above has been completed, the following documents must be submitted as part of the application for registration. Please be advised that processing of your application will be expedited if all required documents are submitted at the same time.
1. Form 33-109F6 – Once confirmation of enrollment has been received by the Chief AFR, a firm may submit a completed Form 33-109F6 (Application for Firm Registration) to the regulator. The F6 and supporting documents should be submitted to the regulator via email with scanned signatures. The F6 should only be sent to the firm’s Principal Regulator (determined by where the firm’s head office is located).
If the firm is seeking registration in Ontario, and Ontario is not the firm’s principal regulator, a copy of the F6 must also be filed without supporting documents, with the Ontario Securities Commission. Firm set up will be completed by the regulator. The firm will be notified to begin the submission of the 33-109F4 applications which form part of the firm’s application process.
2. Form 33-109F4: Confirmation that forms have been/will be electronically completed for each approved person (includes but is not limited to Partners, Executives, Directors, Registered Representatives, Traders, Supervisors, and Investors) seeking registration via NRD following the filing of the registration application.
Proof of passing the applicable courses and a completed police check form must accompany each form filed.
3. Fees: Fees for application for registration of the company: $600.00 payable to the Newfoundland Exchequer Account.
Ø Fees for application for registration of individuals will be electronically pulled from the applicant’s account or a request for fees will be made by IIROC staff via email.
4. A certified or notarized copy of Articles of Incorporation and/or any other related documents.
5 Membership with IIROC. IIROC membership deals with Capital Requirements, Record Keeping, New Accounts and Supervision, Segregation of Funds and Securities, Statements of Account and Portfolio, Proficiency Requirements, Trading and other matters.
6. A statement of policies pursuant to Section 187 of the Regulations.
7. Evidence of registration pursuant to the Newfoundland and Labrador Corporate Registry.
8. Office Location Submissions via NRD for each office the firm intends to operate in the province. A fee per branch opening will be pulled electronically with the NRD submission.
9. Each Office Location must be managed and supervised by a Supervisor qualified by way of authority, experience and competence who has successfully completed the proficiencies pursuant to IIROC Rule 2900.
For further information, please contact:
Investment Industry Regulatory Organization of Canada
Suite 2000, 121 King Street West
Toronto, Ontario M5H 3T9
Mangers, Registration:
Chris Bhalla (416) 865-3032
Kerry Newman (416) 943-5839
Lucy Pacheco (416) 943-6916
Saskatchewan
New Dealer Registration
The regulation of Investment Dealers has been delegated to the Investment Industry Regulatory Organization of Canada (IIROC) in Alberta and Saskatchewan and all submissions should be made directly to IIROC. If IIROC Membership has not been granted, an Application for Membership must be made to our Toronto head office in conjunction with this application.
This document describes the basic requirements for registration in Alberta and Saskatchewan. Nothing in this document should be taken as legal advice. The service of a solicitor familiar with securities matters is recommended to assist with an application.
In order to efficiently review the application for registration, we suggest that you follow the attached outline when completing your initial filing. This list does not preclude request for additional clarification and information as necessary for registration.
Registration Process
Step 1:
If the firm has not enrolled to use the National Registration Database (NRD), enrollment is required to obtain a unique NRD number. This will allow firms to submit applications, notices, and update information through the internet-based NRD system.
a) In order to enroll, applicant firms should follow the enrolment procedures set out on the NRD information website at www.nrd-info.ca. The enrolment forms are also found on this site. The applicant firm must submit the NRD forms 1, 2, and 3, required documentation and fees as outlined on the website.
If the firm has enrolled on the NRD system: there is no need to enroll again.
Step 2
All firms must submit a completed Form 33-109F6 (Application for Firm Registration) to the regulator. The Form 6 may be found on the ASC website via the following link: http://www.albertasecurities.com under Forms & Fees.
The F6 and supporting documents should be submitted to the regulator via email with scanned signatures. The F6 should only be sent to the firm’s Principal Regulator (determined by where the firm’s head office is located). If the firm is seeking registration in Ontario, and Ontario is not the firm’s principal regulator, a copy of the F6 must also be filed without supporting documents, with the Ontario Securities Commission.
Supporting Documents:
The following documents must be submitted along with the F6:
Constating documents (articles of incorporation & By-Laws)
Organization chart
Ownership chart
Schedule B – Submission to Jurisdiction and Appointment of Agent for Service for each jurisdiction where the firm is seeking registration
You must include all supporting documents and fees with your submission and may be asked to provide other information and documents to help determine whether the firm is suitable for registration.
Fees:
Registration fees for each jurisdiction in which the application is being made are required. For fee information, refer to the prescribed fees of the applicable jurisdiction for details.
For further information, please contact:
Manager, Registration
Investment Industry Regulatory Organization of Canada
Prairie District
Suite 2300, 355 – 4th Avenue S.W.
Calgary, Alberta T2P 0J1
(403) 260-6293
|
|
|
|
Joint Regulatory Financial Questionnaire And Report
Statement of the financial position of the applicant. To be submitted unless the applicant is already a member of a Canadian self-regulatory organization.
Joint Regulatory Financial Questionnaire And Report
Subordinated Loan Agreement
To be submitted when applicant’s minimum capital includes subordinated debt.
Subordinated Loan Agreement
Summary Of Requirements
List of all documents and forms required to file an application for membership. To be submitted with the application.
Summary of Requirements
FAQ
Who can be an IIROC Dealer Member?
Membership is open to Canadian entities that are registered to carry on business as dealers or advisors in any province or jurisdiction in Canada. Can a company outside Canada become a Dealer Member?
An IIROC Dealer Member must be an entity that is formed under Canadian federal, provincial or territorial law. A firm outside Canada would need to incorporate a Canadian entity that would apply for IIROC membership. The Canadian applicant would have to satisfy all requirements for membership. Are there any restrictions on the ownership of an IIROC Dealer Member
firm?
No, although owners of 10% or more of the voting shares of an IIROC Dealer Member must also be approved by IIROC. What do I do to become a Dealer Member?
All applicable documents and a deposit of $10,000 should be submitted to Membership Coordinator in the General Counsel's Office to begin the membership process. How much does it cost to join IIROC?
Dealer Members of IIROC pay a one-time Entrance Fee of $25,000 ($10,000 of this is a non-refundable deposit required at the time the application is made), a one-time contribution to IIROC's Restricted Fund and ongoing Annual Fees based on the Dealer Member's capital and revenues. The Restricted Fund is a fund administered by IIROC under IIROC's recognition orders and to which all Members are required to make a one-time contribution. Fines and settlements collected by IIROC are also contributed to the Restricted Fund. How long does the approval process take?
All applications for membership in IIROC undergo an extensive review with respect to financial & operations compliance, business conduct compliance and registration requirements. Applicants will not be admitted to membership until these requirements have been met. Generally, applications take a minimum of four months Are there different classes of Dealer Membership in IIROC?
There are no classes of Dealer Membership in IIROC. All Dealer Members are required to meet and maintain the same requirements. Applicants can, however, enter into a contractual arrangement whereby another Dealer Member of IIROC will provide back office, settlement and clearing services. This arrangement is known as an Introducing/Carrying Broker Agreement and certain membership requirements, such as minimum capital and insurance, are dependent on the type of arrangements Dealer Members establish. I'm already registered with the Ontario Securities Commission. How do I
transfer my membership to IIROC?
It is not possible to transfer your registration. A separate application to IIROC, satisfying all requirements, must be made. What are the insurance requirements for membership?
The only insurance necessary for membership is the Financial Institution Bond and Mail Insurance. The Financial Institution Bond is obtained from an insurance carrier. Its purpose is to protect the member from losses related to business activities. All Members are required to carry this insurance coverage.
A separate membership requirement that is sometimes confused with insurance relates to the Canadian Investor Protection Fund. The Canadian Investor Protection Fund is a fund supported by members of all the Canadian self-regulatory organizations. Its purpose is to protect clients of Members against losses resulting from the insolvency of a member. A company automatically becomes a participant in the Canadian Investor Protection Fund on admission to membership in IIROC and is assessed on a quarterly basis for contributions to the Fund. What is the approval process when an IIROC Dealer Member or its parent
holding company acquires or creates an affiliate/associate?
The IIROC Dealer Member Rules, specifically Rules 6.3 and 6.7, address the approval or notification requirements when an IIROC Member or its parent holding company, directly or indirectly, acquires/creates another entity for the purpose of transacting securities-related business. In certain instances, District Council approval is required. For greater clarity, please refer to the attached decision tree.  |
|
|
|
|
|
|