Ownership of US brokerage account

[BenR]

Re nelsona's statement that ownership of a US brokerage account by a Canadian resident is in violation of various provincial securities regulations, there may be a remedy for this in some cases. There is a ruling by the Nova Scotia Securities Commission ([url]http://www.gov.ns.ca/nssc/docs/stegentorder190809.pdf[/url]) by which a NS resident who had immigrated from the US was allowed to continue to use the services of a US-based financial advisor who was not registered in Nova Scotia.

I would be interested in comments on this. I am in a similar situation, having only just recently learned from this forum that there is a problem with this arrangement.

BTW, the URL function doesn't seem to be working.

[nelsona]

Note that mere ownership of a brokerage account (non-retirement) is not a violation, trading in the account is -- by the broker, not the accountholder.

Good inf.o. However it has very narrow application, and the typical problem faced is that the US brokrage is the one that drops the client without any option by the client.

And, by reading the actual ruling, the US brokergae account is an IRA, which the various securities commissions have already aggreed is allowed. That is what is refered to as National Instrument 35-101, and this is already well known.

When we use the term "brokerage account" here, we mean non-registerd, non-sheletered. Otherwise we use the term "retirement account".