2629. Transition of Registered Representatives (with a business type of portfolio management) into the new registration regime 

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    1. An Approved Person  who is approved as a Registered Representative with a business type of portfolio management shall transition to either
      1. the Portfolio Manager approval category if the Approved Person is not under direct supervision and has provided discretionary management to managed accounts for at least two years, including at least one year managing on a discretionary basis more than $5 million in assets, or
      2. the Associate Portfolio Manager approval category if the Approved Person does not satisfy requirements of clause 2629(1)(i).
    2. Dealer Members will have four months from the date the IIROC Rules come into effect to:
      1. review the approval category of each Approved Person who is approved as a Registered Representative with a business type of portfolio management and propose to IIROC whether the Approved Person should be approved as a Portfolio Manager or an Associate Portfolio Manager, and
      2. file a Form 33-109F2 submission via the National Registration Database (defined in subsection 2802(1)) to remove both the Registered Representative approval category and the business type of portfolio management and add the applicable corresponding approval category of Associate Portfolio Manager or Portfolio Manager.
    3. Any Dealer Member that fails to comply with subsection 2629(1) within the time period specified in subsection 2629(2) may be liable for and pay to IIROC such fees as the Board may prescribe from time to time.

    There is no history log for this rule.

    There is no history log for this rule.