Initial Requirements

Firms and individuals must meet certain requirements in order to be registered and to maintain their registration. These requirements are based on three fundamental principles:

  • Proficiency. Individuals must meet proficiency requirements as set out in Part 3 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Individuals who do not demonstrate that they meet minimum proficiency standards may not be fit for registration. Firms that do not have registered individuals with the necessary proficiency may not be fit for registration.
  • Integrity. Firms and individuals must conduct themselves with integrity, which includes honesty and good faith, particularly in dealing with clients. Firms and individuals who have a history of non-compliance with regulatory and legal requirements may not be fit for registration.
  • Solvency. Firms must maintain solvency by meeting the capital and insurance requirements required to conduct their obligations on a daily basis. Firms and individuals with a history of insolvency may not be fit for registration.

For more information, see Firm Requirements and Individual Requirements.