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The Voice of Canada’s Investment Funds Industry

Advisor Incorporation

In December 2010, a working group of provincial and territorial officials published a consultation paper on possible options for the incorporation of individual representatives of registered dealers and advisors in Canada. Consultation responses indicated a high degree of support for the adoption of a statutory incorporation model. In 2012, the working group released an incorporation model, a supporting draft legislative framework that could be adopted across Canada and a list of key elements of its proposed incorporation model and a supporting legislative framework.

As a provincial securities matter, each province would have to pass its own legislation. As of January 2017, Alberta is the only province to fully enact legislation permitting incorporation. Saskatchewan passed legislation in 2014 but has never taken it through the final step of royal assent. Quebec is the only province giving active consideration to incorporation at this time. Provinces that are participants in creating the Cooperative Capital Markets Regulatory System have indicated that they will not pursue incorporation individually but will consider it once the CCMRS is in place.



Documents

2012
Comments on Incorporation of Individual Representatives Project Update - Alberta (M. Manolescu) and Quebec Finance (R. Rheaume) (April 30, 2012)

2011
Submission to Council of Ministers on Incorporated Salespersons (February 25, 2011)