Permanent Registration
The Saskatchewan Securities Commission, along with most jurisdictions
in Canada, will adopt a permanent registration system by December, 2001.
This new system will be implemented under Multilateral
Instrument 33-108 Permanent Registration which was published for comment
on March 16, 2001.
Under Multilateral Instrument 33-108 Permanent Registration every registered
firm must send us annual registration fees for itself and its registered
individuals by December 15 of each year. If a firm fails to pay the annual
fees by December 15, the registration of the firm and each of its registered
individuals will be suspended on December 31 of the same year.
How permanent registration system is different from
annual renewal system
The permanent system is different from the current annual renewal system
in the following ways:
- Firms and individuals will be registered indefinitely until they either
surrender registration voluntarily, or their registration is revoked
after a hearing. Registrations will no longer expire after a year.
- Registration certificates will have no expiry date. We won’t issue
new registration certificates each year.
- Firms will send only annual registration fees and lists of its registered
branches and individuals by December 15 of each year. Firms will no
longer have to send in Form 5s for application for renewal of registration.
Multilateral Instrument 33-109 Ongoing Registration Reporting Requirements
will harmonize ongoing reporting requirements. It will cover information
which must be filed annually (usually within 90 days after the end of
the firm’s financial year) such as financial statements and directors’
insurance resolutions. It will also cover reports of changes as they
occur such as termination of employment. MI 33-109 will be published
for comment soon.
- Firms will pay annual fees by December 15 in all jurisdictions that
are using the permanent registration system. Firms now renew registration
on different dates in each jurisdiction.
- Annual fees for firms, branches and individuals will remain the same.
How the permanent registration system will work
When the new system is in place, in October of each year we will send
you a list of your branches, trading officers and salespersons registered
in Saskatchewan according to our records. We will also advise of the annual
fees your firm will have to pay for the firm, branches and registered
individuals.
By December 15 of each year you will return the list we have sent with
additions and deletions, plus fees based on branches and individuals on
the list. We will promptly acknowledge receipt of the material and fees.
Over the next few months, we will review your list, and make a final
reconciliation to our records and we will send you the final list of your
branches and registered individuals. We will send you new certificates
of registration for the firm and your registered individuals with no expiry
date.
Transition to permanent registration
This is general description of how we plan to change to the new permanent
registration system.
For firms that have renewed from January 1, to May 31,
2001
On your last renewal you paid an annual renewal fee which covers a
certain period in 2002. In the next few months we will send you a refund
for the fees that relate to 2002.
In October, 2001 we will begin the process outlined above under "How
the permanent registration system works."
This paragraph also applies to new firms that have registered between
January 1, 2000 and April 26, 2001.
For firms that will renew in the period from June 1
to August 31, 2001
Your registration expires before the end of 2001. We will write
to you two months before your renewal date to begin the normal renewal
process. However, we will ask you to pay fees for the number of months
from the month of your renewal to December 31, 2001. Your registration
certificate will expire on December 31, 2001.
In October, 2001 we will begin the process outlined above under "How
the permanent registration system works."
For firms that will renew in the period from September
1 to December 31, 2001
Two months before your renewal date in 2001 we will ask for fees
to cover the rest of 2001 and all of 2002. The fees will be based on the
number of months from the month of renewal to December 31, 2002. We will
also send you a list of your branches and registered individuals according
to our records.
Once your renewal is approved, we will issue a new certificate of registration
for your firm and your registered individuals with no expiry date.
Because you will have paid fees for all of 2002, the Commission will
make an order exempting your firm and individuals from filing material
and fees by December 15, 2001.
April 30, 2001
Contact:
Leah Fichter
Deputy Director, Registration
(306) 787-5876
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