How to contact the OSC with a question of your own.
If you have a question of your own please write to:
Inquiries
Ontario Securities Commission
20 Queen Street West, Suite 1903
Toronto, ON M5H 3S8
Fax: (416) 593-8122
Or call (416) 593-8314 Or Toll-Free 877-785-1555
Or email: inquiries@osc.gov.on.ca
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1. Is registration with the OSC required for the activities that I am conducting or purpose to conduct?
The Ontario Securities Commission (OSC) does not engage in the business of providing legal advice with respect to registration. If you wish to carry on business in the securities industry, consult your legal adviser to determine whether you require registration and if so, which category of registration you and your firm will require. There are various issues other than those relating to securities law such as corporate governance and taxation which you may also wish to discuss with your legal counsel. If you need assistance finding a lawyer in Ontario, you may contact the Law Society of Upper Canada at 416-947-3300 or 1-900-565-4577 to use the Law Society's Lawyer Referral Service to request a referral to a securities lawyer; for a $6 fee this service will provide the name of a lawyer who will provide up to 30 minutes free consultation to help you determine your rights and options.
Detailed requirement lists for all the different types of registration categories under the
Securities Act (Ontario), (OSA), or the
Commodity Futures Act (Ontario), (CFA), may be found on this website under the Market Participants heading, by selecting Registrants and scrolling down to Registration Requirements.
Registration information may be found in the OSA, specifically Part XI of the OSA and Part V of the General Regulation under the OSA, (the Regulation). Information regarding exemptions from the registration requirements may be found in Part XII of the OSA and Part V of the Regulation. OSC Rules and Policies, particularly those Rules and Policies whose five digit number begins with a "3", should also be given consideration when seeking registration in Ontario.
For those interested in seeking registration under the CFA, information may be found in Part VIII of the CFA and Part III of the Regulation under the CFA. Information regarding exemptions from registration may be found in Part IX of the CFA.
The OSA and the Regulation may be viewed via the links provided on the OSC website at
http://www.osc.gov.on.ca/en/regulation.html. OSC Rules and Policies may be viewed at
http://www.osc.gov.on.ca/en/Regulation/Rulemaking/rule.html. You may obtain a copy of the OSA from The Ontario Government Bookstore at 416-326-5300 or 1-800-668-9938, or by contacting Carswell Thomson Publishing at 1-800-387-5351.
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2. What are the proficiency requirements for those individuals seeking registration in Ontario?
Information pertaining to proficiency requirements for those individuals wishing to trade or advise in securities may be found at
http://www.osc.gov.on.ca/en/Regulation/Rulemaking/rule.html. OSC Rule 31-502 Proficiency Requirements for Registrants was effective August 17, 2000. Information concerning proficiency requirements for those individuals wishing to trade or advise in commodities may be found in the
Commodity Futures Act (Ontario), section 37 and 38 of the Regulation (please note that the Derivatives Fundamentals Course and the Futures Licencing Course have replaced the National Commodity Futures Exam and the Canadian Commodity Futures Examination) .
I. Proficiency requirements for DEALERS under the
Securities Act (Ontario) [other than Investment Dealers Association members whose requirements are set out in IDA by-laws and regulations]:
| Category of Registration |
Salesperson |
Partner/Officer/Officer & Director (Trading) |
| Mutual Fund Dealer |
CSC or CIFC or IFIC
If also selling Labour Sponsored Investment Funds, must additionally have post October 25, 1993 CSC or LSIF. |
CSC, CIFC or IFIC and either the PDOM or PDOS
If also selling Labour Sponsored Investment Funds, must additionally have post October 25, 1993 CSC or LSIF. |
| Limited Market Dealer |
no proficiency requirements |
no proficiency requirements |
| Scholarship Plan Dealer |
a scholarship plan dealers course approved by the OSC |
no proficiency requirements |
Legend of Course Codes
CSC = Canadian Securities Course administered by The Canadian Securities Institute
PDOS = Partners' Directors' Officers' exam administered by the Canadian Securities Institute
IFIC = Investment Funds in Canada Course administered by the Institute of Canadian Bankers
PDOM = Partners' Directors' Officers' exam administered by the Investment Funds Institute of Canada
CIFC = Canadian Investment Funds Course administered by The Investment Funds Institute of Canada
NOTE: There are continuing education requirements for salespersons sponsored by securities dealers. Within 30 months of registration, you must have completed the Professional Financial Planning Course of the first course of the Canadian Investment Management Program
II. Proficiency requirements for ADVISERS under the
Securities Act (Ontario) can be found in section 3 of Rule 31-502.
| Category of Registration |
Partner/Officer/Representatives |
| Securities Adviser |
section 3.1 |
| Investment Counsel and Portfolio Managers |
section 3.2 |
| Associates of Investment Counsel and Portfolio Managers |
section 3.3 |
NOTE: No proficiency requirements apply in the case of a non-trading/non-advising officer, partner, or director. Such individuals are not registered but are approved as part of the firm's dealer/adviser registration.
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3) How long are the examinations valid? How much time from date of passing the examination/s do I have to become registered?
You must have completed the required course(s) or examination not more than 3 years before the date of your application
OR have been registered in the same category at any time during the 3 year period immediately before the date of your application for registration.
Despite what is indicated above, if you complete, within the 3 year period referred to above, a specified course or examination for which another specified course or examination is a prerequisite, the specified course or examination that is the prerequisite need not have been completed during the 3 year period.
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4) I have just passed the required course(s); how do I get registered as a salesperson?
You will first require a sponsoring dealer. The sponsoring dealer will advise you of the process required to obtain registration (including the completion of Form 33-109F4). Trading in securities is not permitted until such time as you are in possession of written confirmation of registration from the Commission.
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5) What happens to my license when I leave the firm? Do I maintain the license after leaving the firm?
Your license is suspended when employment is terminated. Your license will only be reinstated when you are sponsored by another registered firm and your application is approved by the OSC. Please note that if you find a new dealer to sponsor your license and the firm submits your application to the OSC (on your behalf) within 3 months of the date of your termination, your application will be considered a transfer. If your application is submitted to the OSC outside of the 3 month period or you are changing the registration categories from that which you previously held, the application will be considered a reinstatement. Please note that there are no fees associated with a transfer, however a reinstatement requires a payment of $400 registration fee plus $80.25 NRD submission fee ($75 plus GST).
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6) Can I hold more than one licence?
If you are registered as a salesperson, you may only be registered with one securities business at a time but may hold licenses in other industries such as insurance as long as conflict of interest issues are addressed.
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7) If I am registered in Ontario, can I continue to service a client who has moved to the U.S.?
Only if you have satisfied the licensing requirements of the appropriate U.S. authority in the particular state in which the client resides. This information can be obtained by contacting the U.S. regulator directly.
Please note that the securities under administration may also require approval for distribution in the U.S.
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8) How long does it take to become registered?
A complete Salesperson/Officer/Officer & Director/Representative application without any deficiencies takes about two to four weeks to process.
A complete Salesperson transfer application (reinstatement with a new dealer) without deficiencies can often be completed a few days after it has been received.
A complete new business application without deficiencies normally takes about six weeks whereas a deficient application or an applicant firm with novel business plans may take up to three months and longer to process.
Please note that these time frames are approximate depending on the volume of applications received and vary considerably for applications which contain deficiencies or raise policy issues.
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9) What happens if I declare bankruptcy or make a voluntary assignment in bankruptcy?
If you are currently registered, you are required to submit this information via NRD within five business days. We will determine your suitability for registration at that time. Certain factors are taken into consideration such as the reason(s) for the bankruptcy, the number of credits and the amount owed.
If you are not currently registered, it is standard CSA practice for Staff to recommend to the Director that the application for registration be refused.
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10) Will a criminal record prevent me from obtaining approval for registration in the securities industry?
Suitability for registration is determined on a case by case basis upon receipt of a written application. If your application indicates that you have a criminal record or outstanding charges, the determination of your suitability is based on an analysis of the particulars of the criminal record. Among the factors taken into consideration are: the nature of the offence, the penalty imposed and the length of time since it occurred. Please be advised that staff will not be able to provide decisions over the telephone concerning proposed applications for registration.
Please note that if a criminal record is not disclosed in an application, this may have a serious effect on our determination on an applicant's suitability to be registered. If you have doubt about whether you have a police record, you can obtain a certificate of police clearance from a local police station, OPP, or RCMP detachment as the case may be. You could also disclose the nature of the offence on the application form.
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11) Is full-time employment with my sponsoring firm required to be registered in Ontario?
Section 127(1) of the Regulation under the OSA indicates that registration as a salesperson requires full-time employment as a salesperson; this is interpreted as employment for 30 hours or more per week as a salesperson with the registrant firm which is sponsoring an applicant.
However, employment with a registrant firm of less than 30 hours per week is acceptable if an applicant's other employment is in accordance with section 127(2) of the Regulation under the OSA.
If an applicant has employment with a registrant firm of less than 30 hours per week and has other employment which is not described in section 127(2) of the Regulation under the OSA, this
may be permitted at the discretion of the Director by submitting an application for an exemption to the requirements of section 127 of the Regulation under the OSA, together with a fee of $1,500.
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