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The Topical Guide for Registrants is a collection of compliance and registration guidance materials, organized by topic, which has been developed by the Ontario Securities Commission (OSC). It is not an exhaustive list and does not provide references or links to Ontario securities laws. The content of the guide is provided for information purposes only and not as advice.
Registrants may wish to proactively use the guidance material they access through this guide as a self-assessment tool to strengthen their compliance with Ontario securities laws and, as appropriate, to make changes to enhance their systems of compliance, internal controls and supervision. We encourage firms to seek advice from a qualified professional as they conduct their self-assessment, implement any changes, or both.
The Topical Guide for Registrants was last updated on March 21, 2024.
Additional support for registrants
For information related to issuers of publicly-offered investment funds, refer to investment funds and structured products. We also have information about the exempt market such as who needs to register, how issuers sell securities in the exempt market and what investors need to know, as well as online tools to allow users to report exempt distributions and access exempt market data.
See Prospectus exemptions, also see Exempt market dealers (EMDs) ➜ Accredited investor exemption and sale of exempt securities to non-accredited investors
See Portfolio managers and its subtopics, as well as other relevant topics
CSA Staff Notice 31-352 Monthly Suppression of Terrorism and Canadian Sanctions Reporting Obligations, pages 1-6
Compliance and Registrant Regulation Branch e-mail blast July 27 2015, Monthly Suppression of Terrorism and UN Sanctions Report
OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, pages 20-21
For guidance for use in investment performance reports (under the cost disclosure and performance reporting requirements in NI 31-103), see Reporting to Clients ➜ Investment performance report - use of benchmarks
For general guidance, see Marketing practices ➜ Benchmarks
OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 39-40
OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 63-66
Companion Policy 23-101CP Trading Rules, section 1.1.1, Part 4
OSC Staff Notice 33-734 2010 Compliance and Registrant Regulation Branch Annual Report, pages 24-25
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Investment funds and investment fund managers ➜ Fiduciary duty - statutory best interest standard and duty of care of investment fund managers
See Compliance system of registered firm ➜ Business continuity plan (BCP)
See Fees - Regulatory fees for market participants ➜ starting with Participation fees
See Relationship disclosure information (RDI) ➜ Disclosure of operating and transaction charges paid by clients and other compensation paid to firm (guidance on disclosure requirements at beginning of and during client relationship)
See Reporting to clients ➜ Report on charges and other compensation for guidance on disclosure specific to the annual report
See Compliance system of registered firm ➜ Chief Compliance Officer (CCO)
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Over-the-counter (OTC) derivatives ➜ Contracts for difference (CFDs), foreign exchange contracts and similar OTC derivatives offered in Ontario
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 38
CSA Staff Notice 33-321 Cyber Security and Social Media
OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 21
OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers, page 40
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Over-the-counter (OTC) derivatives
For guidance on disclosure by specific entities and/or in specific contexts, see specific topics or subtopics. Some helpful topics may be Relationship disclosure information (RDI), Reporting to clients and Investment funds and investment fund managers and Conflicts of interest
See Complaint handling ➜ Dispute resolution service
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
Companion Policy 23-103CP Electronic Trading and Direct Electronic Access to Marketplaces,
OSC Staff Notice 33-742 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 54-55
OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 69
OSC Staff Notice 33-736 2011 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 47-48
OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 66
See also Prospectus exemptions and subtopics
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications.
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications.
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications.
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications.
See Over-the-counter (OTC) derivatives ➜ Contracts for difference (CFDs), foreign exchange contracts and similar OTC derivatives offered in Ontario
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Investment funds and investment fund managers ➜ beginning with "Fund Facts"
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Investment funds and investment fund managers ➜ Independent Review Committee (IRC)
OSC Staff Notice 33-747 2016 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, page 89
Companion Policy 24-101CP Institutional Trade Matching and Settlement
CSA Staff Notice 24-314 Preparing for the Implementation of T+2 Settlement: Letter to Registered Firms
CSA Staff Notice 24-305 Frequently Asked Questions about National Instrument 24-101 - Institutional trade Matching and Settlement and Related Companion Policy (Revised)
OSC Staff Notice 33-738 2012 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 66-67
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Financial reporting and subtopics
OSC Staff Notice 52-723 Office of the Chief Accountant Financial Reporting Bulletin
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications.
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Portfolio managers, also see topic/subtopic for specific subject matter
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Complaint handling ➜ Dispute resolution service
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Registration - General guidance ➜ National Registration Database (NRD)
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Investment funds and investment fund managers ➜ Net asset value (NAV) errors and adjustments, including responsibility for NAV, NAV errors and NAV error correction
See Complaint handling ➜ Dispute resolution service
See Conflicts of interest ➜ Outside business activities of registered or permitted individuals
See Compliance system of registered firm ➜ Oversight of third party service providers (outsourcing) - investment fund managers, also see subtopic Oversight of third party service providers (outsourcing) - all registrants
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
For prohibited managed account and inter-fund transactions (cross trades), see Portfolio Managers ➜ Trades between client accounts and inter-fund trades (prohibited cross trades)
For prohibited investments for investment funds, see Investment funds and investment fund managers ➜ Prohibited investments for investment funds
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
CSA Staff Notice 31-350 Guidance on Small Firms Compliance and Regulatory Obligations
CSA Staff Notice 31-347 Guidance for Portfolio Managers for Service Arrangements with IIROC Dealer Members
OSC Staff Notice 33-746 2015 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 41 - 42
Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations,section 11.5, section 11.6
Note to users: The Dealers, Advisers and Investment Funds Managers section of the OSC website also contains guidance on the registration process under the heading Getting Registered.
See Registration - Firms ➜ Commodity Futures Act (Ontario)
See Compliance Consultants ➜ Risk assessment questionnaire (RAQ)
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Investment funds and investment fund managers ➜ Sales practices (mutual funds)
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
OSC Staff Notice 33-748 2017 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 39-40
CSA Staff Notice 31-350 Guidance on Small Firms Compliance and Regulatory Obligations
OSC Staff Notice 33-745 2014 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, pages 33-34
See Capital requirements and working capital calculations ➜ Subordinated debt and subordination agreements
See Compliance system of a registered firm ➜ Business continuity plan (BCP)
See Know-your-client (KYC), know-your-product (KYP) and suitability requirements ➜ Suitability of trades, advice and/or investments
See Compliance system of registered firm ➜ beginning with Supervision
See Reporting to clients ➜ Trade confirmations
See Relationship Disclosure Information (RDI) ➜ Name of registrant used in registrable activities and Marketing practices ➜ Names and titles - using titles that imply registration; inappropriate use of business or trade names
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Portfolio managers ➜ Trades between client accounts and inter-fund trades (prohibited cross trades)
Note to users: The OSC’s Investment Funds and Structured Products Branch provides guidance for issuers of publicly-offered investment funds. You can locate guidance for public fund issuers by clicking: Investment Funds homepage and Investment Funds Practitioner publications
See Investment funds and investment fund managers ➜ Valuation of securities held in investment funds