How to become a registrant

Initial registration for a New Brunswick-based firm

In order for individuals to be registered, they must first be sponsored by a firm that is registered with the FCNB.  The steps below outline the initial registration steps for a New Brunswick-based firm. Individuals should contact the sponsoring firm for details.

An initial application from a New Brunswick-based firm to the Financial and Consumer Services Commission contains the following information:


      • Schedule A – Contact information for notice of collection and use of personal information
      • Schedule B – Submission to jurisdiction and the appointment of an agent for service for each jurisdiction where the firm is seeking registration
      • Schedule C – Form 31-103F1 Calculation of excess working capital
      • Proof of registration as a corporation or partnership in all the jurisdictions in which the firm applied for registration
      • Detailed business plan (question 3.3)
      • Policies and procedures manual including client agreements (question 3.3)
      • Constating documents (question 3.7)
      • Organizational chart (question 3.11) including detailed information about whether the firm has direct or indirect interest in another registrant and the nature of the interest
      • Ownership chart (question 3.12)
      • Most recent audited financial statements as required in question 5.13
      • Proof of bonding and insurance, including director’s resolution approving insurance (question 5.7). The bonding and insurance coverage must cover each jurisdiction in which the firm is seeking registration. The coverage requirement is set out in Part 12 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.
      • Letter of direction to auditors (question 5.14)

  • For registration as a mutual fund dealer, proof of membership with the Mutual Fund Dealers Association of Canada (MFDA) is required. For registration as an investment dealer, proof of membership with Investment Industry Regulatory Organization (IIROC) is required.

  • The firm must enroll with National Registration Database (NRD) as part of the initial registration process. Here is information on the NRD enrollment process.

  • NRD user fee information and payment method can be found here and the regulatory fee is outlined in each jurisdiction’s fee rule. For initial firm application, the firm may opt to pay regulatory fees by cheque or through NRD once the firm enrollment is completed.

  • The application can be sent by email to nrs@fcnb.ca or mail to:
    Financial and Consumer Services Commission
    Securities Division
    85 Charlotte Street, suite 300, Saint John, NB E2L 2J2

Commission staff will review the application in a timely manner and will communicate with the firm by providing comments and/or requesting additional information when necessary. An incomplete or deficient application will delay the review process.

Useful links to assist in the registration application:


Fintech Firms with innovative business models seeking to offer innovative products, services and applications, may wish to consider a streamlined registration or exemption process under the CSA Regulatory Sandbox.

 

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