Outside business activities are now simply “outside activities”

During the comment period, the CSA conducted a test of the proposed changes to the individual registration form and found that people who viewed the forms with the proposed changes provided better information than people who viewed the existing form.

“There was an 8.4% improvement in the accurate disclosure of information by participants who saw the proposals,” the CSA said in its advisory. “In particular, there has been a significant improvement in correct disclosures by participants who have seen the outside activity submissions.”

In addition to this change in language, the amendments reduce the types of outside activities that must be reported to regulators to focus on positions that may generate conflicts of interest, such as activities involving other companies in the financial sector. and roles of influence.

Regulators have also introduced a new rule to replace the existing practice of imposing terms and conditions on representatives with certain outside activities that restrict their clientele; extended the time for reporting changes in registration information; and clarified other types of registration information requirements.

Other changes include a new rule to reduce multiple filings of the same information, revisions to reporting forms, a new requirement to declare professional titles used by representatives, and an improved privacy notice.

Subject to obtaining all ministerial approvals, the amendments will come into effect on June 6, 2022.

However, registrants will have until June 6, 2023 to update their registration information.

“The submission of registration information represents an important point of contact between regulators, businesses and individuals,” said Louis Morisset, CSA Chairman and President and CEO of the Autorité des marchés financiers. “The announced changes [Thursday] Streamline Canada’s registration information framework, saving time and money for registrants, while providing the CSA with the information it needs to fulfill its regulatory function and protect investors.