Why was the NRD project undertaken?
It has become apparent that the registration process in Canada can be made more efficient. Several years ago, securities regulators recognized that many of the problems with the registration process could be solved by developing an electronic system to replace the existing paper-based system. Modern information technology that has been exploited with great success across most other economic sectors could facilitate the entire process, and add new functionality that had never been possible.
A national web-based registration system would be consistent with two of the CSA's most important long-term goals:
- to reduce the regulatory burden for capital market participants; and
- to harmonize securities regulations across jurisdictions.