25 (1) Unless a person or company is exempt under Ontario securities law from the requirement to comply with this subsection, the person or company shall not engage in or hold himself, herself or itself out as engaging in the business of trading in securities unless the person or company, (a) is registered in accordance with Ontario securities law as a dealer; or (b) is a representative registered in accordance with Ontario securities law as a dealing representative of a registered dealer and is acting on behalf of the registered dealer.  2009, c. 18, Sched. 26, s. 4. Same, underwriters (2) Unless a person or company is exempt under Ontario securities law from the requirement to comply with this subsection, the person or company shall not act as an underwriter unless the person or company, (a) is registered in accordance with Ontario securities law as a dealer and is authorized under section 26 or 27 to act as an underwriter in the circumstances; or (b) is a representative registered in accordance with Ontario securities law as a dealing representative of a registered dealer described in clause (a) and is acting on behalf of the registered dealer.  2009, c. 18, Sched. 26, s. 4. Same, advisers (3) Unless a person or company is exempt under Ontario securities law from the requirement to comply with this subsection, the person or company shall not engage in the business of, or hold himself, herself or itself out as engaging in the business of, advising anyone with respect to investing in, buying or selling securities unless the person or company, (a) is registered in accordance with Ontario securities law as an adviser; (b) is a representative registered in accordance with Ontario securities law as an advising representative of a registered adviser and is acting on behalf of the registered adviser; or (c) is a representative registered in accordance with Ontario securities law as an associate advising representative of a registered adviser and is acting on behalf of the registered adviser under the supervision of a registered advising representative of the registered adviser.  2009, c. 18, Sched. 26, s. 4. Same, investment fund managers (4) Unless a person or company is exempt under Ontario securities law from the requirement to comply with this subsection, the person or company shall not act as an investment fund manager unless the person or company is registered in accordance with Ontario securities law as an investment fund manager.  2009, c. 18, Sched. 26, s. 4. Same, ultimate designated person (5) If a registrant that is a registered dealer, registered adviser or registered investment fund manager is required under the regulations to designate an individual as his, her or its ultimate designated person, the individual must be registered in accordance with Ontario securities law as the ultimate designated person of the registrant.  2009, c. 18, Sched. 26, s. 4. Same, chief compliance officer (6) If a registrant that is a registered dealer, registered adviser or registered investment fund manager is required under the regulations to designate an individual as his, her or its chief compliance officer, the individual must be registered in accordance with Ontario securities law as the chief compliance officer of the registrant.  2009, c. 18, Sched. 26, s. 4. Commission guidelines re engaged in a business (7) The Commission may, by the adoption of a policy under section 143.8, establish guidelines setting out criteria to be considered in determining whether a person or company is engaged in a business when trading securities or providing advice with respect to investing in, buying or selling securities.  2009, c. 18, Sched. 26, s. 4. Section Amendments with date in force (d/m/y) 1994, c. 11, s. 359 - 11/07/1994; 1999, c. 9, s. 199 - 14/12/1999 2009, c. 18, Sched. 26, s. 4 - 28/09/2009 2010, c. 26, Sched. 18, s. 19 (1-4) - no effect - see Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 - 31/12/2020