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The Ontario Securities Commission (OSC) oversees the changes that can be made to a registration of a firm or individual who is in the business of advising or trading in securities or commodity futures, contracts and options, or a firm that manages investment funds in Ontario. In some cases, the firm or individual must notify us or apply for the change. In other cases, the OSC will make the change and notify the firm or individual.
Changes that a firm or individual can make
Once they are registered, firms and individuals:
- may add or remove categories of registration
- may add or remove jurisdictions
- must keep their registration information up to date and notify the OSC of any changes, a requirement that also applies to permitted individuals
- may voluntarily surrender their registration
In addition, individuals may transfer their registration to another firm.
Changes that the OSC can impose
The OSC may impose changes on a registration at the time of registration or at any time after registration. These include:
- imposing terms and conditions
- suspending a registration upon concern about a firm’s or individual’s fitness for registration
- amending a registration
Before the OSC imposes any of these changes on a registration, OSC staff will send the firm or individual a letter, with a copy to the sponsoring firm if applicable, providing written notice of its recommendation and brief reasons for it. This is referred to as a Letter of Brief Reasons. Section 31 of Ontario’s Securities Act and Section 23(3) of Ontario’s Commodity Futures Act then gives the individual or firm an opportunity to be heard by the OSC Director before a decision is made concerning staff’s recommendation.