The Nova Scotia Securities Commission (NSSC) is one of the 46 regulatory bodies in Nova Scotia that abides by the Fair Registration Practices Act (FRPA).
A regulatory body sets the standards and regulates how people practise as members of a regulated occupation. Everyone who practises a regulated occupation needs to register with the regulatory body. The NSSC is the regulatory body for the securities industry in Nova Scotia.
FRPA governs the practices regulatory bodies use to register people who apply to become a member of a regulated occupation. Under FRPA, registration with the NSSC needs to follow a fair procedure and be transparent, objective, and impartial.
Here is a description of how the registration process works at the NSSC and what steps an individual will need to take to become registered to sell or advise on securities in Nova Scotia.
Step 1: Get the proficiency
Every individual who will be trading or advising in securities in Nova Scotia will need to be registered in the corresponding registration category. Each category of registration has it’s own proficiency requirement, and some categories have a work experience requirement. Anyone seeking registration with an investment dealer will also be subject to the proficiency requirements of the New SRO. Anyone seeking registration as an AAR or AR will need to complete part or all of their proficiency through the CFA Institute. The New SRO and the CFA Institute are considered 3rd party assessors under FRPA which means the NSSC relies on these bodies to assess the equivalence of the qualifications of an applicant for some registration categories.
Here are the profiency providers for the required courses:
- Mutual Funds
- Exempt Market
Step 2: Get hired
Every individual who will be trading or advising in securities in Nova Scotia must be employed by a registered firm. You must be working on behalf of a firm and that firm before you can become registered. Once you are employed with a registered firm you can begin the registration application. The firm you work for may be relied upon by the NSSC to provide relevant work experience information
The application process will require all applicant to provide a criminal record check. It will be the applicant’s responsibility go to a either their local police department or use a recognised third-party provider to provide this criminal record check.
Once the Form 33-109 F4 has been fully completed, it will be sent by your registered firm to the NSSC for review. As stated in our FRPA Policy, your firm will receive our decision within three business days. If you are seeking registration with an New SRO member firm, the approval time may be longer. As a recognised Self Regulatory Organization, the New SRO will also be reviewing the application to ensure that it is compliant with their own Rules.
Step 3: Get working
Once your application has been approved, you can now begin to trade or advise in securities in Nova Scotia. Depending on the category of registration, you may have to complete additional proficiencies, such as the 90 day Exam for New SRO member firms. Once you are registered in Nova Scotia, your registration can be easily transfer to any other Canadian jurisdiction in case you need to relocate. Your firm will need to apply to transfer your registration on your behalf and in most cases your registration in Nova Scotia will be transferred within five business days.
Registration application timing policy
The registration staff (Staff) of the Nova Scotia Securities Commission will use best efforts to review and issue a decision on all complete individual registration applications that are received from a sponsoring firm within seven business days following the receipt of the application.
Where registration is granted, Staff will use best efforts to notify applicants of Staff’s decision within three business days following the date of the decision. This notification will be recorded on the National Registration Database.
Where registration is not granted, Staff will use best efforts to provide a written decision, that includes reasons, to applicants within a reasonable time. This notification will be provided to the applicant directly.
Staff will use best efforts to respond to an inquiry from an applicant regarding an open application within three business days following the date of the inquiry.