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Business Registration and Name Requirements
This amendment aims to increase transparency for consumers by providing clarity about how licensees should represent themselves to the public.
Amendment of Rule 2(18)
Current Status
Voting Council concluded its review of proposed Rule changes in November 2022. This Rule amendment has been approved by the Minister of Finance, and will take effect March 31, 2023.
Proposed Rule Wording
How to read the proposed wording changes to the Rules:
Bolded text represents the addition of proposed wording.
Text that has been
struck outrepresents wording proposed for removal.
PDF - Proposed Wording Business Registrations and Name Requirement
What is the proposed change?
This change repealing Rules 2(5)(a) and 2(8)(a) would remove the requirement for a level 3 licensee to be in an ownership or management position.
What is the rationale?
A lack of transparency in how a licensee represents themselves or their business to the public can cause confusion about whom the consumer is dealing with and influence their decision-making, creating the potential for harm. This amendment would make licensees’ requirements for holding out clearer.
Provide feedback about proposed changes to the Council Rules
Consultation is now closed. Stakeholder consultation on this proposed rule amendment ran March 28 to June 1, 2022.