Canadian securities regulators caution industry about false and misleading registration applications and outline changes to trading supervision reports

CSA Securities

Toronto – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 33-320 (pdf - 85 KB)This link will open in a new windowUpdated on July 13, 2017"CSA, Staff Notice, 33-320, Requirement, True, Complete Applications, registration" The Requirement for True and Complete Applications for Registration to caution firms and individuals about the potential consequences of submitting false or misleading applications for registration.

Each year, CSA staff receive many applications for registration that omit relevant information or contain information that is vague or untrue. 

"The CSA will continue to hold individuals and firms accountable for false or misleading applications," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "Applications for registration must be completed with truth and candour, and we expect firms to have robust policies and procedures in place to ensure this is the case for any applications they sponsor."   

Applications for registration are made through a prescribed form that requires the applicant to disclose information that CSA staff use to assess fitness for registration. This information includes, but is not limited to, information about current and previous employment, as well as financial and criminal disclosure.

After an individual becomes registered, if any of the information provided in their initial application changes, they must update their information using the prescribed form and within the time periods provided for in National Instrument 33-109 Registration Information.

If an individual discloses false or misleading information to CSA staff, the matter may result in a denial of registration or in regulatory action being taken against a registrant. False or misleading statements made during the application process may also constitute a provincial or criminal offence. CSA staff may also take regulatory action against anyone complicit in an applicant's delivery of a false or misleading application, including the sponsoring firm. 

The CSA also published today CSA Staff Notice 31-349 Change to Standard Form Reports for Close Supervision and Strict Supervision Terms and Conditions, which relates to dealing representatives that require enhanced supervision on their trading activities. The notice describes close and strict supervision and outlines changes to standard form reports.

The notices can be found on CSA members' websites.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

CSA member name Point of contact Phone number

Autorité des marchés financiers

Sylvain Théberge


Alberta Securities Commission 

Hilary McMeekin


British Columbia Securities Commission

Alison Walker 


Bureau des valeurs mobilières du Nunavut

Jeff Mason


Bureau du surintendant des valeurs mobilières du Yukon

Rhonda Horte


Bureau du surintendant des valeurs mobilières, Territoires du Nord-Ouest

Tom Hall


Commission des services financiers et des services aux consommateurs (Nouveau-Brunswick)

Andrew Nicholson


Commission des valeurs mobilières de l'Ontario

Kristen Rose


Commission des valeurs mobilières du Manitoba

Jason (Jay) Booth


Financial and Consumer Affairs Authority of Saskatchewan

Shannon McMillan


Nova Scotia Securities Commission

David C. Harrison


Office of the Superintendent of Securities, Île-du-Prince-Édouard 

Janice Callbeck 


Office of the Superintendent of Securities, Terre-Neuve-et-Labrador

John O'Brien