FSC Terms

Dealer (Securities) - Any individual or company that deals in securities, on their own behalf, or on behalf of others.

Fit and Proper - this is a very important concept in investor protection. Officers of securities firms are subject to a test of their fitness and propriety in order to be licensed by the Commission. The criteria to be met depends on the type of license required. A person is generally considered to be fit and proper in the securities industry if he/she can bring probity, competence, diligence and sound judgement to the job, and has not been convicted of an offence involving dishonesty, nor is an undischarged bankrupt.

Responsible Officer - This Officer is the person who interfaces with the FSC on behalf of the company he/she represents, regarding matters relating to that entity's operations.