You can grab notes on other topic from here.
- NI 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (Also section 25 of the OSA)
Business Trigger Test: if you are a market participant in the business of trading in securities, you must be registered. If in the business of trading securities, have to be registered
- Used to be exemptions from registration, but then people behaved badly.
- Thus… b/c it was putting integrity of marketplace into question: now have universal registration system
- If you’re in business of trading in securities, have to be registered
- Always need to use a registrant!!
o And instead of entering in UW agreement, enter into agency agreement ^ looks like UW agreement, except almost always “using best efforts” to sell securities on your behalf
You can grab notes on other topic from here.
