Description: Commission notice regarding October system upgradesa to NRD.

Notice: NRD System Upgrades

In October, 2003, the National Registration Database was updated to provide enhancements to the system. In Newfoundland and Labrador, there will be two significant updates:

Addition of "Combination" Categories

Presently, there is only one combination category for Newfoundland and Labrador ("NL"), that being "Investment Counsel & Portfolio Manager". The NRD System updates will provide for additional "combination" categories. For example, a number of firms are currently registered in NL in two separate categories under the NRD — Investment Dealer and Broker. As a result, individuals applying for registration with such firms in NL are charged the registration fee twice, resulting in a refund request from the firm. With the NRD changes, there is a new category called "Broker and Investment Dealer". Consequently, when an individual applies for registration with a firm registered in this category, the firm is only charged one fee.

The following is a list of the new combination categories:

  • Broker & Investment Dealer
  • Broker & Investment Dealer & Portfolio Manager
  • Investment Counsel & Portfolio Manager & Limited Market Dealer
  • Investment Counsel & Portfolio Manager & Mutual Fund Dealer
  • Investment Dealer & Investment Counsel
  • Investment Counsel & Portfolio Manager & Limited Market Dealer & Mutual Fund Dealer
  • Financial Adviser & Investment Counsel
  • Financial Adviser & Mutual Fund Dealer
  • Mutual Fund Dealer & Portfolio Manager
  • Mutual Fund Dealer & Scholarship Plan Dealer & Limited Market Dealer

Mutual Fund Dealer and Limited Market Dealer to be available at a later date.

Mutual Fund Dealer and Limited Market Dealer are now available.

Firms are now responsible for updating the category information for their registered individuals in NL to correspond to the appropriate firm combination category. Firms are urged to complete these updates before December 1, 2003. By doing so, firms will avoid being charged a double fee on renewal of currently registered individuals and the subsequent refund process. After firms have completed all updates to their registered individuals, staff of the commission will be able to update the registration categories for the firms themselves. Therefore, it is requested that firms notify the commission once all individuals have been changed to the correct combination category.

Registration fees for Non-Trading/Non-Advising Officers

Prior to NRD, the commission required a minimum of three key officers to be registered (i.e. File a Form 4). This would include all trading/advising officers and any other non-trading/non-advising officers to complete the minimum requirement, if necessary. The commission also maintained a list of all officers of a firm. When this list was updated, firms were charged a $100 amendment fee.

With the advent of NRD, many firms are required to register non-trading/non-advising officers. Currently, NRD charges $250 for such registrations. With the NRD system upgrades, the registration fee for non-trading/non-advising officers will be reduced to $25. Furthermore, there will no longer be a $100 amendment fee to update the firm's list of officers. It is anticipated that this change will result in fewer refund requests being made to the commission.

For further information on these changes, contact us at (709) 729-4601 or scon@gov.nl.ca.