NI 31-103: Second Revision
The Limited Market Dealers Association of Canada (the "LMDA") is continuing to lobby with the Canadian Securities Authorities (the "CSA") for improvements with respect to proposed revisions to National Instrument NI-31-103-Registration Requirements (“NI 31-103”). For the current revision click here.
As a result of our comment letter, (along with the comment letters of many other concerned exempt market participants) the LMDA managed to convince the CSA to take a risk based approach to a number of requirements in NI 31-103. Click here to read the LMDA's Comment Letter. Click here to read a summary of the all the comments received by the CSA.
However, our work is not complete. We believe there are still significant changes that need to be implemented in NI 31-103 such that the small LMD’s are not driven out of business through an increase in regulatory burden.
Contact your local Regulator
The LMDA asks that participants support us in this project by directing their comments to the local securities commission in their jurisdiction. The commissions need to hear from you directly as well as from the LMDA. Contact information...
Work with the LMDA
Participants can also assist the LMDA in preparing its next comment letter by reviewing NI 31-103 and providing us with specific comments as to which specific sections of the rule will have an adverse affect on their operations. Participants are encouraged to make suggestions as to how these sections could be improved.
Our Comment Committee will be meeting weekly over the next month preparing a comment letter that reflects the general concerns from LMD’s across Canada. Your input is important to us.
Interested parties are requested to:
- Submit a comment by mail to:
Brian Prill, Chairman
33-101 Comment Committee
The Exchange Tower, Suite 1600
P.O. Box 480, 130 King Street West
Toronto, Ontario, Canada M5X 1J5 - Submit a comment by email to: bprill@lmdacanada.com
- Click here to use an on-line Comment Form.
- Contact their local securities regulator directly to express you concerns.
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