Podcast
Questions and Answers
What must firms submit as part of the CIRO membership process for dual-registered firms?
What must firms submit as part of the CIRO membership process for dual-registered firms?
What key aspect should the business plan detail when applying for dual registration?
What key aspect should the business plan detail when applying for dual registration?
Which document is necessary for firms to register as both an investment dealer and a mutual fund dealer?
Which document is necessary for firms to register as both an investment dealer and a mutual fund dealer?
In the context of dual registration, what may firms need if they have existing custodial arrangements?
In the context of dual registration, what may firms need if they have existing custodial arrangements?
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What aspect related to account transfers should firms provide details on during the membership process?
What aspect related to account transfers should firms provide details on during the membership process?
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When assessing the supervisory structure for a dual-registered entity, what is a critical decision firms need to make?
When assessing the supervisory structure for a dual-registered entity, what is a critical decision firms need to make?
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What should firms consider regarding the integration of their operations in the dual registration process?
What should firms consider regarding the integration of their operations in the dual registration process?
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What other considerations might firms need to assess for exemptive relief as dual-registered entities?
What other considerations might firms need to assess for exemptive relief as dual-registered entities?
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What is one of the requirements for a firm to submit their CIRO membership questionnaire?
What is one of the requirements for a firm to submit their CIRO membership questionnaire?
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What must firms indicate regarding their operational structure when applying for dual registration?
What must firms indicate regarding their operational structure when applying for dual registration?
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Which additional document must firms submit to their principal regulator alongside the CIRO membership questionnaire?
Which additional document must firms submit to their principal regulator alongside the CIRO membership questionnaire?
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What specific details may firms need to include regarding account management during the membership process?
What specific details may firms need to include regarding account management during the membership process?
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When considering the supervisory structure, what option must firms evaluate?
When considering the supervisory structure, what option must firms evaluate?
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What aspect of existing custodial arrangements should firms keep in mind during their dual registration process?
What aspect of existing custodial arrangements should firms keep in mind during their dual registration process?
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Which type of information is relevant for firms to provide about their transaction in the application process?
Which type of information is relevant for firms to provide about their transaction in the application process?
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What might firms be required to assess as part of their plans to become dual-registered?
What might firms be required to assess as part of their plans to become dual-registered?
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Study Notes
CIRO Membership Process for Dual-Registered Firms
- Dual-registered firms must complete and submit a CIRO membership questionnaire detailing their plans for operating as both an investment dealer and a mutual fund dealer.
- The questionnaire must include the firm's business plan with details on new business lines, products, and services.
- Firms must also provide details on the legal entity housing their combined operations, their proposed organizational structure, and the transaction involved in becoming dual-registered (e.g., purchase of or amalgamation with an existing firm).
- Firms should include details about account transfer and repapering timelines, if applicable.
- Firms must submit policies and procedures for any new divisions, business lines, or activities, and for any new applicable rule requirements.
- Firms will need to submit an abbreviated Form 33-109F6 Firm Registration to their principal regulator to register as both an investment dealer and mutual fund dealer, or complete a Form 33-109F6 if it is an initial application for registration.
- The application will be reviewed by both CIRO and CSA under a coordinated process, recognizing the firm's existing registration and membership status.
- Firms must consider if any other exemptive relief would be required as part of their plans to become dual-registered, considering differences in custodial arrangements, systems, and books/records requirements between Investment Dealer and Mutual Fund Dealer regulations.
- CIRO staff will advise members if any additional preliminary steps or approvals are required.
CIRO Membership Process for Dual-Registered Firms
- Dual-registered firms, operating as both investment dealers and mutual fund dealers, must complete a CIRO membership questionnaire detailing their operational plans and submit a business plan.
- The business plan must include details on new business lines, products, and services, as well as the legal entity housing their combined operations if applicable.
- The proposed organization structure, including integrated operations or separate divisions for investment dealing and mutual fund dealing, must be outlined.
- Details on the transaction, such as an acquisition or amalgamation, advisor transfer, and account transfer timelines must be provided.
- Policies and procedures for any new divisions, business lines, activities, and relevant rule requirements must be submitted.
- Firms must submit an abbreviated Form 33-109F6 to their principal regulator to register as both an investment dealer and mutual fund dealer.
- This application will be reviewed by CIRO and CSA, taking into account existing registration and membership status.
- Firms should assess their need for exemptive relief to address potential discrepancies in custodial arrangements, systems, and books/records requirements between the Mutual Fund Dealer Rules and Investment Dealer and Partially Consolidated Rules.
- CIRO staff will advise members on necessary preliminary steps and approvals.
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Description
This quiz covers the key components of the CIRO membership process for dual-registered firms. Participants will explore requirements such as the membership questionnaire, business plan details, organizational structure, and submission of policies. This knowledge is essential for firms looking to navigate the complexities of dual registration as an investment dealer and mutual fund dealer.
