33-501 - Permanent Registration

Securities Act
R.S.P.E.I. 1988, Cap-S-3.1

Document Type: Local Rule
Document No: 33-501
Subject: Permanent Registration
Effective Date: March 17, 2008

Local Rule 33-501 Permanent Registration

Part 1 Definitions

1.1 In this Rule:

“registered firm” means a person that is registered as a dealer or adviser;

“registered individual” means an individual registered to trade or advise on behalf of a registered firm;

“Registration Rule” means Local Rule 31-501 - Transitional Registration Requirements;

“Regulations” means the Securities Act Regulations EC 165/89; and

“sponsoring firm” means, for a registered individual, the registered firm on whose behalf the individual is registered to trade or advise.

Part 2 Permanent Registration

2.1 Registered firms and registered individuals continue to be registered until their registration expires or is terminated.

Part 3 Annual Delivery of Fees and Documents

3.1 A registered firm shall deliver to the Superintendent on December 31 of each year:

(a) the annual registration fees required under the Act for itself and its registered individuals; and

(b) a list of the following:

(i) the names, in alphabetical order, of all registered individuals of the registered firm and the branch office location for each registered individual; and

(ii) the branch locations of the registered firm identifying the branch manager for the branch, and listing the names, in alphabetical order, of the registered individuals employed at the branch.

3.2 The following registered firms must deliver to the Superintendent on December 31 of each year a certified copy of the bond referred to in section 35 of the Regulations as incorporated by reference into the Registration Rule:

(a) mutual fund dealers who are not members of the Mutual Fund Dealers Association;

(b) scholarship plan dealers;

(c) restricted dealers;

(d) advisers.

3.3 The following registered firms must deliver to the Superintendent on December 31 of each year a directors’ insurance resolution referred to in subsection 35(4) of the Regulations as incorporated by reference into the Registration Rule:

(a) mutual fund dealers who are not members of the Mutual Fund Dealers Association;

(b) scholarship plan dealers;

(c) restricted dealers;

(d) advisers.

Part 4 Suspension of Registered Firms

4.1 If a registered firm does not deliver the fees by or on a December 31 as required under section 3.1, the firm’s registration is suspended at the end of the day on January 31 of the following year.

4.2 Notwithstanding section 4.1, if a registered firm delivers the annual registration fees required for itself and its registered individuals after December 31 but before the end of the day on January 31 of the following year, the Superintendent may approve the continuation of the firm’s registration.

4.3 A registration that is suspended under section 4.1 expires on the second anniversary of the suspension unless an application for reinstatement of registration is filed in the interim.

4.4 An application for reinstatement of registration shall be made in the form of application for registration as a dealer or adviser provided by the Superintendent and shall be accompanied by the fee required under the Act.

Part 5 Suspension of Registered Individuals

5.1 The registration of a registered individual with a sponsoring firm is suspended on the date that

(a) the registered individual ceases to act on behalf of the sponsoring firm; or

(b) the registration of the sponsoring firm is suspended, is terminated or expires.

5.2 A registration that is suspended under section 5.1 expires on the second anniversary of the suspension unless an application for reinstatement of registration is filed in the interim.

5.3 An application for reinstatement of registration shall be made in the form of application for registration approved by the Superintendent and shall be accompanied by the fee required under the Act.

Part 6 Hearing

6.1 If the registration of a registered firm or registered individual has been suspended under sections 4.1 or 5.1, and a hearing is commenced under the Act relating to the registration, the registration shall continue in suspension until a decision is issued.

Part 7 Exemptions

7.1 The Superintendent may grant an exemption from the application, in whole or in part, of sections 2.1 to 5.3 subject to such conditions or restrictions as may be imposed in the exemption.

Part 8 Effective Date

8.1 This Rule comes into effect on March 17, 2008. 

33-501 (Repeal)

Securities Act
R.S.P.E.I. 1988, Cap-S-3.1

Document Type: Repeal of Local Rule
Document No: 33-501 (Repeal)
Subject: Permanent Registration
Effective Date: September 28, 2009

Local Rule 33-501 Repealing Local Rule 33-501 Permanent Registration

Part 1 Definitions

1.1 In this Rule “Local Rule 33-501" means Local Rule 33-501 Permanent Registration made by the Minister March 17, 2008.

Part 2 Repeal

2.1 Local Rule 33-501 is repealed

Part 3 Effective Date

3.1 This instrument comes into effect on September 28, 2009.