A friendly reminder that amendments to legislation clarifying the “Outside Activity” (OA) reporting framework and modernizing registration information requirements will be coming into force on June 6, 2022. These amendments are meant to establish a more efficient registration and oversight process for registrants by simplifying and streamlining certain regulatory requirements. However, in the short-term, firms will need to take certain actions, including updating their policies and procedures in-line with the new requirements. Additionally, most registered and permitted individuals’ existing reporting forms will require updates to be filed by the earlier of (a) the date the individual is next required to notify the regulator of a change to their registration and (b) June 6, 2023.

The Ontario Securities Commission (OSC) recently published an implementation guide to help firms prepare for these changes. The guide touches on: (i) the new framework for reporting activities carried on by individuals outside of their sponsoring firm, (ii) the restrictions on the client base of individuals whose reportable activities are positions of influence over certain clients, (iii) the new requirement to report the business titles and professional designations used by an individual at their sponsoring firm and at each reportable outside activity, (iv) other NRD update obligations, and (v) the new rule to reduce multiple filings of the same information by affiliated registered firms.

AUM Law would be pleased to assist firms to update their policies and procedures in line with the new requirements, as well as assist their individuals to make required updates to their registration forms.

May 31, 2022