What is a proprietary product?

From NI 31-103, section 14.2:
In this section, “proprietary product” means a security of an issuer if one or more of the following apply:
(a) the issuer of the security is a connected issuer of the registered firm;
(b) the issuer of the security is a related issuer of the registered firm;
(c) the registered firm or an affiliate of the registered firm is the investment fund manager or portfolio manager of the issuer of the security.

Source: http://www.osc.gov.on.ca/documents/en/Securities-Category3/rule_20180621_31-103_client-focused-reforms.pdf

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