(August 9 – 13:35 ET) – Arizona will soon join the list of states allowing Canadian snowbirds to trade in their RRSP accounts from within the United States.
The Securities and Exchange Commission recently issued new rules allowing Canadian residents living in the U.S. to buy and sell securities in their registered accounts only. The rules came into effect June 23.
Although the SEC has offered relief, individual states must also offer its own specific relief before investors can trade, and each state imposes its own relief requirements. With the addition of important snowbird state Arizona, there will soon be 25 states that have corresponding legislation, including Florida, New York and South Carolina. However 25 other states, Puerto Rico and the District of Columbia aren’t yet offering relief.
A source at the Arizona Securities division confirms that the necessary legislation will be ready early in the new year.
U.S. firms are awaiting reciprocity from Canadian regulators and groups such as IFIC, and the IDA are lobbying the states for specific relief throughout the U.S.
-IE Staff