As previously mentioned in our bulletins, as part of the client-focused reforms to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, a new prohibition on misleading communications will apply as of the end of the year. In particular, a registered individual who interacts with clients must not use a corporate officer title, unless their firm has appointed that registered individual to that corporate office pursuant to applicable corporate law. Our clients have been approaching this new prohibition in a number of different ways, one of which is considering alternative titles (such as primary, manager or head of) for use by individuals who can not be appointed as corporate officers.
A friendly reminder that a number of housekeeping items should be addressed as part of this change:
- Updates to websites, internal policy documents and business cards; and
- Regulatory filings. Specifically, any title changes may require the filing of Form 33-109F5 Change of Registration Information to notify the applicable regulators of a change in information filed on your organizational chart (to the extent current titles are listed). Additionally, individuals with new titles may want to review Item 10 of their existing Form 33-109F4 to ensure their listed job title is accurate.
November 30, 2021