The second version of proposed National Instrument 31-103 Registration Requirements harmonizes and streamlines the firm categories of registration across all of the CSA jurisdictions. A few new categories of registration have been added, but overall the number of categories has been reduced. Firms that today are registered as dealers and advisers generally will continue to be required to be registered, albeit in potentially different categories of registration: investment dealer, mutual fund dealer, restricted dealer, scholarship plan dealer, exempt market dealer, portfolio manager, restricted portfolio manager or investment fund manager. Several categories of registration will be eliminated: international dealer, limited market dealer, foreign dealer, international adviser, securities adviser and investment counsel. Firms carrying on more than one type of activity requiring registration will be required to obtain registration in each of the applicable registration categories.

type Investment Management Advisory - April 2008 - Registered Dealers And Advisers - What's New?