Those firms that are in the business of advising others in securities will be required to be registered as an adviser, in the category of portfolio manager (unless they seek registration as a restricted portfolio manager). Portfolio managers that act as managers of investment funds must also become registered in the new category of registrant – investment fund manager. Portfolio managers that also are in the business of trading in securities, in addition to their principal business as portfolio managers, must also be registered as a dealer, unless they are entitled to rely on an available exemption. Portfolio managers registered in more than one category of registration must comply with the requirements of National Instrument 31-103 applicable to each category of registrant.

type Investment Management Advisory - August 2009 - What's New? National Instrument 31-103: Advisers - Portfolio Managers