1. Is there a CIRO rule that says anyone investing in a CIRO-regulated dealer must reside in Canada full-time?
There is no CIRO Rule that prevents CIRO-regulated dealers from dealing with clients outside of Canada. However, dealers must manage their business in compliance with all laws and regulations applicable to them. This may include laws and regulations of the foreign jurisdiction where you reside that may prevent the Canadian dealer from continuing to service you as a client.
Each foreign jurisdiction has different regulations and registration requirements. Your firm and/or your advisor may need to be registered/licensed in the foreign jurisdiction in which you reside in order to continue to service your account.
It is best to speak to your dealer directly if you are planning on moving or living outside of Canada, even if only for part of the year. Your dealer may be required to limit the offering of products and services to you when you cease to be a permanent resident of Canada.
2. What should I ask my firm before I make a move?
First, read your account documentation to understand the basics of your firm’s policies. You should speak to your dealer to understand whether they have the appropriate registration/licensing to service your account fully in the foreign jurisdiction you plan to move to. Many firms have registration/licensing in designated Snowbird states.
Some states do not require local registration/licensing for firms and individuals to deal with Canadian citizens that were temporary state residents, while other states do require that local registration/licensing.
If the firm does not have registration in your planned jurisdiction, you should speak to your advisor about your options for moving your investments, or adjusting the service levels.
3. Can my CIRO-regulated dealer refuse to service me as a client?
A dealer can choose to end a client relationship for any reason. Your dealer may set certain limitations on your accounts after ending the client relationship. Speak to your dealer about what limits or changes may be applicable if you choose to move outside of Canada, and what the impact of ending a client relationship would be on your accounts before you move.
4. Can I move my investments to a foreign affiliate of my firm?
Yes. Make sure the foreign affiliate is regulated by the appropriate regulatory body and check the registration of an advisor before moving jurisdictions.