Dealers, Advisers and Investment Fund Managers
Suspending and Revoking Registration
Suspending registration
A suspension means that the firm or individual is still registered but may not engage in the activity they are registered for.
The OSC automatically suspends a registration in the circumstances set out below. We may also suspend a registration if we have serious concerns about a firm’s or individual’s continued fitness for registration, or we determine that it is no longer in the public interest for a firm or individual to be registered.
Firms and individuals must apply to the OSC if they want to have a suspension lifted. For more information, see Reinstating Registration.
Investment dealers and mutual fund dealers
Investment dealers that are a member of the Investment Industry Regulatory Organization of Canada (IIROC) should refer to the IIROC website for information on the rules for revoking or suspending membership.
Mutual fund dealers that are a member of the Mutual Fund Dealers Association of Canada (MFDA) should refer to the MFDA website for information on the rules for revoking or suspending membership.
Automatic suspension - firms
A firm’s registration is automatically suspended when:
- the firm does not pay its annual participation fees in full and on time, or
- IIROC or the MFDA revokes or suspends the firm’s membership and the membership is a requirement of the category of the firm’s registration. For more information, see Part 10 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103).
Automatic suspension - individuals
An individual’s registration is automatically suspended when:
- the individual ceases to have authority to act as a registered individual on behalf of the sponsoring firm because their employment, partnership or agency relationship with the firm has changed or ended
- IIROC or the MFDA revokes or suspends the individual’s approval, or
- the sponsoring firm has been suspended in that category of registration and as a result, the registration of each dealing, advising or associate advising representative acting on behalf of the firm in that category is also suspended.
For more information, see Part 6 of NI 31-103.
Revoking registration
A revocation means that the OSC has terminated the registration. If a suspended registration has not been reinstated, it will automatically be revoked on the second anniversary of the suspension.
If registration is revoked, the firm or individual will have to submit a new application if they want to be registered again. For more information, see Applying.
For more information:
