Securities Registration

Getting Registered

The PEI Financial and Consumer Services Division reviews applications for registration from dealers and advisers who are in the business of trading or advising in PEI. The Division administers the Securities Act through the regulation and oversight of registrants, securities issuers, and self-regulatory organizations.  

In general, firms must register with the PEI Financial and Consumer Services Division if they conduct any of the following activities in PEI: 

• are in the business of trading in, or advising on, securities 
• act as an underwriter or investment fund manager 
• conduct trading activities involving commodity futures contracts or commodity futures options 

In general, individuals must register with the PEI Financial and Consumer Services Division if they conduct any of the following activities in PEI:  

• trade, advise or underwrite on behalf of a registered dealer or adviser, or 
• act as the ultimate designated person or chief compliance officer of a registered firm 

For full details, see NATIONAL INSTRUMENT 31-103 - REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS (NI 31-103). Exemptions from the requirement to register are available to firms and individuals in certain circumstances as outlined in Part 8 of NI 31-103.  

Self-Regulatory Organization 

Firm registered as an investment dealers and mutual fund dealers must generally become a member of the Canadian Investment Regulatory Organization.

Initial Registration Requirements 

Firm registration categories under the Securities Act are set out in part 7 of NI 31-103.  

An individual must choose one or more categories when applying for initial registration and an individual’s registration must be sponsored under a firm’s registration. Individual registration categories under the Securities Act are set out in part 2 of NI 31-103.  

Firms and individuals must meet certain requirements in order to be registered and to maintain their registration. These requirements are based on three fundamental principles: 

• Individuals must meet proficiency requirements as set out in part 3 of NI 31-103. Individuals or firms with registered individuals who do not demonstrate that they meet minimum proficiency standards may not be fit for registration. 

• Firms and individuals must conduct themselves with integrity, which includes honesty and good faith, particularly in dealing with clients. Firms and individuals who have a history of non-compliance with regulatory and legal requirements may not be fit for registration. 

• Firms must maintain solvency by meeting the capital and insurance requirements required to conduct their obligations on a daily basis. Firms and individuals with a history of insolvency may not be fit for registration.  

Initial Registration Requirements for Firms 

Firms must: 

• meet any specific requirement of a registered firm in NI 31-103, including requirements specific to the category of registration the applicant is applying under 
• be prepared to comply with NI 31-103 in all respects, upon registration 
• confirm that they have met the working capital and insurance requirements as set out in NI 31-103

How to Apply for Firm Registration? 

Completed Form 33-109F6 – Firm Registration and attach required supporting documents. The form is included in National Instrument 33-109 – Registration Information (NI 33-109). 

Except for restricted dealers, a firm applying for registration in more than one province or territory should use the passport and interface registration system. The process of registration under this system is set out in National Policy 11-204 Process for Registration in Multiple Jurisdictions and Multilateral Instrument 11-102 Passport System. This system allows the firm to submit the application with its principal regulator, which reviews the application on behalf of all the regulators in the other jurisdictions (the non-principal regulators) in which the firm is applying for registration. The firm communicates only with the principal regulator. 

For firms whose principal regulator is the PEI Financial and Consumer Services Division or is applying as a restricted dealer in PEI, the Form 33-109F6 – Firm Registration application with supporting documents for can be sent by email to ccis@gov.pe.ca.   

How to Apply as an Individual? 

A sponsoring firm must be enrolled with the  National Registration Database (NRD) and have an NRD number. Once a firm has submitted an application for registration, the firm must then submit the appropriate individual applications and pay a fee through NRD for each individual applying for registration or approval as a permitted individual. This includes the individuals designated by the firm as chief compliance officer and ultimate designated person. 

The process of registration under this system is set out in National Policy 11-204 Process for Registration in Multiple Jurisdictions and Multilateral Instrument 11-102 Passport System. This system allows the sponsoring firm, on behalf of individuals, to submit the application with its principal regulator, which reviews the application on behalf of all of the regulators in the other jurisdictions (the non-principal regulators) in which an individual is applying for registration. The individual’s sponsoring firm communicates only with the principal regulator. 

When an individual is seeking registration in individual categories or review as a permitted individual and has determined which category the individual wishes to apply under, the sponsoring firm must complete and file the Form 33-109F4 for the individual and file it through NRD.  

Other information may be requested to make a complete assessment of the individual’s fitness for registration. 

Financial and Consumer Services Division

Telephone: (902) 620-3870
Email: ccis@gov.pe.ca