OSC Staff Notice: 32-702 - Applications for Exemption from the Time Limits on Completion of Courses and Previous Registrations

Section 1.2 of Ontario Securities Commission Rule 31-502 B Proficiency Requirements for Registrants (the ARule@) permits individuals who have completed required courses or examinations more than three years previously to be registered or reinstated in a registration category, provided that the individual was registered in that registration category during the preceding three-year period.

The proviso requires the applicant for registration to have been previously registered in Ontario, and does not apply to applicants for registration or reinstatement who have been continuously registered in other provinces and territories in Canada. As a consequence, individuals who have satisfied proficiency requirements of other provinces and territories that are substantially equivalent to those that apply in Ontario, and who have been continuously registered in substantially equivalent registration categories, have been unable to avail themselves of section 1.2 in applying for registration in Ontario.

Staff will be undertaking a comprehensive review of the Rule. In the interim, staff will look favourably on applications pursuant to Part 4 of the Rule for exemption from the requirements of Parts 2 and 3 (as interpreted pursuant to section 1.2 of the Rule) in respect of applications for registration or renewal of registration that are received from individuals who have satisfied all other applicable requirements and are registered in provinces and territories outside Ontario.

Applications

Applicants for registration who wish to obtain relief from the requirements of section 1.2 of the Rule should submit a letter of application to the Director pursuant to Part 4 of the Rule. The application should include the following facts:

(i) The jurisdiction in which the applicant has been registered;
(ii) The relevant category in which the applicant has been registered;
(iii) The amount of time the applicant has been registered;
(iv) The courses and examinations the applicant has successfully completed;
(v) The date the applicant successfully completed the relevant courses and examinations;
(vi) The applicant's relevant work experience.

Pursuant to section 59(2) of Schedule I of Ontario Regulation 1015, the applicant may request that the Director exempt the applicant from the requirement to pay the fee under section 53(1) of Schedule I. Staff will look favourably on those requests for exemption from fee payments wherein it is stated the application for relief is limited to the relief described in this Notice.

Reference:

Dina Dizon
Assistant Manager, Registrant Regulation
(416) 593-3660
[email protected]