People who sell or give advice about investment funds must be registered, through the sponsorship of a dealer, with the provincial securities commission in each province where they want to sell mutual funds.
A dealer, or retail distributor, must be registered with the appropriate securities commission(s). Depending on the jurisdiction and the types of securities the dealer can sell, it may have to be a member of the Mutual Fund Dealers Association (MFDA) or Investment Industry Regulatory Organization of Canada (IIROC). In Quebec, dealers must be registered with the Autorité des marchés financiers and with IIROC. Advisors sponsored by a dealer are also regulated by the MFDA or IIROC. Advisors in Quebec are regulated by the Chambre de la sécurité financière or IIROC.
Investment fund managers look after the day-to-day administration and operation of a mutual fund including arranging for the management of the fund’s investment portfolio by a portfolio manager. Firms that act as investment fund managers, and firms and individuals that act as portfolio managers must be registered with the securities commissions. In order to register, they must meet educational and experience requirements.
To ensure that the firm and sales representative you are dealing with have met the appropriate requirements and are licensed to provide certain services, visit the following websites:
- The national registration search, which lists all registrants (individuals and firms) in Canada, except for those registered solely with the Ontario Securities Commission (OSC).
- Investment Industry Regulatory Organization of Canada member list.
- The Mutual Fund Dealers Association of Canada member list.
- La Chambre de la sécurité financière (Québec only).