A company that carries on the business of dealing in securities, or holds itself out as conducting such business, as defined in the legislation.
This market participant generally provides full broker dealer services including investment banking, buying and selling of securities, underwriting, holding discretionary and non-discretionary accounts, and providing investment advice.
The legislation informs that carrying on business dealing in securities, (whether acting as principal or agent) by way of business involves:
- making or offering to make an agreement with another person to enter into or offer to enter into an agreement, for or with a view to acquiring, disposing of, or subscribing for or underwriting securities;
- making or offering to make an agreement that effects or causes to effect a securities transaction; or
- managing a portfolio of securities for another person where the portfolio manager may hold property of the other person.