Chapter 12 - Registration

Question 1

What are the 3 Criteria used by IIROC for registration Approval?

Answer 1

1. Integrity
2. Financial Solvency
3. Competency

Question 2

How many registration Categories are there?

Answer 2

9 : IR, RR, Trader, / Supervisor, Executive, Director / UPD, CFO, CCO

Question 3

To whom does IIROC CE Program Pertain?

Answer 3

Only those individuals approved in a Trading or Supervisory capacity

Question 4

What are the penalties for failing to complete CE Requirements?

Answer 4

$500 per person / month, Suspension after 6months.

Anyone failing to meet compliance, must be put under close supervision.

Question 5

Who Grants IIROC Exemption Requirements

Answer 5

IIROC District Council

Question 6

Must all OBA’s be pre-approved and disclosed to the compliance department?

Answer 6

NO. Pre-approval is not a requirement. Compliance should require the disclosure and pre-approval but can not enforce it. NRD disclosure is a requirement.

Question 7

For IIROC members, can Financial Planning be conducted as an outside business activity?

Answer 7

NO - payment for financial planning services must be made through the dealer member. it is an essential component of Investment advice and as such is not permitted outside of dealer.

Question 8

Under what time frame must changes to an individuals proficiency per personal information be reported to NRD

Answer 8

Within 1 year of the change.

Question 9

What are the 3 categories of Submissions?

Answer 9

Initial Application
Amendments
Notices

Question 10

If a individual wants to change or surrender a category of registration, what would be the appropriate submission?

Answer 10

Amendments.

Question 11

What type of submission would be made for Residential Address Change:

Answer 11

Notice…. typical for Address, Proficiency, Employment, Criminal disclosure..Termination Notice…etc..

Question 12

What is the timeline and penalty for failing to file a Termination Notice?

Answer 12

after 5 business days / $200/day to max of $2000/calendar year for 1st instance. $5000 for second and $10,000 for 3rd and all subsequent.

Question 13

Under what circumstances is a registrations Transfer from one dealer to another ‘Automatic’ and active on day 1

Answer 13

If the registrants transfer is within 90 days of their previous termination and meets IRROC rule 40.7 - was not dismissed with cause

Question 14

For individuals on Maternity Leave or Disability Leave, what are their CE requirements?

Answer 14

Individuals on leave are still required to meet their CE Requirements. Firms will be penalized for non-compliance.

Question 15

What is the client limit for “Mobility Exemption”

Answer 15

5 clients - and notice must be filed with securities regulatory authority