The Canadian Securities Administrators (CSA) are encouraging all investors to participate in Check Registration Day on March 16, 2016 by visiting aretheyregistered.ca to see whether the individual or firm offering them an investment or advice is registered to do so.
Canadian securities regulators will only register firms and individuals that meet specific qualifications and standards. Checking the registration of the person or firm selling you stocks, bonds, mutual funds or other securities helps to protect investors and build confidence in our capital markets.
“We’re particularly concerned about unregistered activity around binary options,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “Many binary options’ trading platforms are based overseas and, despite listing Canadian contact information, none of the companies managing these platforms are registered to conduct business in Canada.”
Binary options are essential “bets” on how a particular underlying asset will perform in a limited amount of time. The CSA is aware of a number of binary options trading platforms, many purportedly based overseas in countries like Cyprus, Belize and Seychelles, that are soliciting Canadians by making untrue and/or misleading statements about Canadian securities regulators’ oversight of binary options. This has resulted in the CSA issuing an alert in 2015 urging investors to use extreme caution when considering an investment in binary options.
Offering investment services or products in Canada, whether online or in-person, is a regulated activity. The CSA is encouraging investors to take time on March 16, 2016, to check before they invest during its annual Check Registration Day. Here’s how:
- Go to AreTheyRegistered.ca to ensure your investment individuals or firms are registered in your jurisdiction.
- Call your local securities regulator to verify the registration.
If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393 or through e-mail at [email protected].
New Year’s Resolution re your financial advisor: Ask for more accountability and better communications
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