Regulatory assessment by activity — not an approval
| Activity | Analysis to commission | Evidence package to preserve | Public status |
|---|---|---|---|
| Securities issuance | NI 45-106, issuer eligibility and exempt/prospectus distribution analysis | Corporate authority, cap table, financials, risk disclosures, term sheet, executed agreements | Not evidenced as issued |
| Operating a marketplace | NI 21-101, NI 23-101 and regulator recognition/exemption review as applicable | Venue rulebook, participant eligibility, surveillance, access controls, best execution/custody analysis | Not recognized from public evidence |
| Dealer/adviser roles | NI 31-103 and provincial law | Legal classification, registration/exemption, KYC, conflicts, compliance officer | Unqualified |
| Cash/custody/clearing | Applicable payment, AML, custody, clearing and client-funds requirements | Reconciled actual bank accounts, segregation, service-provider contracts | No live cash settlement evidenced |
| Bridge personal information | BC PIPA/PIPEDA where applicable; contractual provider restrictions | Consent basis, DPIA/PIA, tenant isolation, incident response, retention and withdrawal | Production connectors unqualified |
| Youth workshops | Host operator, applicable screening and insurance, meaningful child/guardian consent | Host-approved safeguarding plan and emergency policy | Proposed only |
Document request register
- Formal legal entity and shareholder/control documentation appropriate to the activity.
- Signed classification memorandum mapping each U/A/I instrument class to enforceable economic rights.
- Updated legal and regulatory requirements by Canada/BC and every additional operating jurisdiction.
- Corporate and per-issuer financial statements and transaction assumptions reconciled to actual records.
- Conflicts of interest, market abuse prevention, surveillance and participant complaint policies.
- Cybersecurity/penetration and privacy assessments under named independent scope.
- Release management showing which features remain disabled until legal or technical gate completion.
- Internal responsibility matrix, escalation contacts, record retention and revision control.
Source references, as reviewed 23 October 2026
| Authority | Reference URL |
|---|---|
| BCSC NI 45-106 | https://www.bcsc.bc.ca/securities-law/law-and-policy/instruments-and-policies/4-distribution-requirements/current/45-106 |
| ASC/CSA NI 31-103 | https://www.asc.ca/securities-law-and-policy/regulatory-instruments/31-103 |
| BC PIPA | https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/00_03063_01 |
| BC OIPC | https://oipc.bc.ca/for-private-organizations |
| Consent guidance | https://oipc.bc.ca/documents/guidance-documents/2134 |
Qualification gate: Only a decision by the actual competent authority can establish an approval. A well-written checklist cannot substitute for recognition, actual issuance, audited funds or production evidence.
Next readings
UPDATED AUDIT · 23 OCT 2026 · 18:26 UTC
Latest Council and FarmNode qualification evidence
The completed 18:26 UTC audit reports 114/114 local tests in nine suites, including the earlier 70 tests (not 184 independent results). The 34 physical-host security tests qualify policy/refusal contracts only, not three real computers. Four explicitly approved hosted routes were zero-priced at the 18:17 UTC catalogue snapshot; no authenticated hosted inference comparison was completed.
Full Council qualification report → · Download qualification PDF → · Three sector evaluator packs → · Download evaluation PDF →