(March 5 – 16:10 ET) – The Investment Funds Institute of Canada says it continues to lobby the U.S. states that have not yet moved to adopt legislative exemptions that would permit Canadian broker/dealers to deal with snowbird clients.

IFIC says that in addition to the states that have already adopted some form of exemption, Arizona, California, Montana, and Ohio have all issued draft rules for comment.

The Investment Dealers Association is also hard at work on this issue. The IDA says that it also continues to approach other states that have not yet granted relief in the wake of the decision by the U.S. Securities and Exchange Commision to allow it.

Although the SEC has granted relief allowing Canadian dealers to handle the RRSP accounts of their snowbird clients, relief or some other form of accommodation is required by individual states, too. Typically this entail either special limited registration, or an exemption from registration.
-IE Staff