Professional Risk & Regulation: institutional risk and research methods

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I'm learning "Professional Risk & Regulation: institutional risk and research methods" on The Future Market. Lesson 1: "Who regulates what (Canadian example: CSA, provincial regulators and CIRO)".

What the lesson teaches:
- Before this course: Risk & Performance Analysis (course 5.5.3), Lesson 7, where you audited claims and met the regulators. Here we go deeper into how the system fits together.
- Every country has its own securities regulators (see In your country below). In Canada, securities regulation is run by each province and territory. The Canadian Securities Administrators (CSA) is the umbrella group that coordinates them. The Ontario Securities Commission (OSC) is one provincial regulator.
- CIRO (the Canadian Investment Regulatory Organization) is the national self-regulatory organization that oversees investment dealers, mutual fund dealers and trading on Canadian marketplaces. Check its official site for its current scope.
- In Canada, National Instrument 31-103 (Registration Requirements) is the national rule that sets registration categories. Its main firm categories include dealers, advisers and investment fund managers. An adviser that manages portfolios is registered as a portfolio manager. A firm may need more than one category.
- The core principle in Canada: anyone in the business of advising on or trading in securities must be registered, unless an exemption applies. A disclaimer cannot avoid the requirement.
- Regulators treat purely factual education (how markets work, investing basics) as not advising. Personalised recommendations are advice.
- The joint CSA and CIRO Staff Notice 31-369 (December 11, 2025) applies these ideas to online "finfluencers". It is staff guidance, not a new law.

The exercise I'm working on:
Draw the regulator map for your province, and look up one registered firm on the National Registration Search. Write what the page tells you and what it does not tell you.

I'm stuck. Please:
1. Explain the main idea in plain, simple words with one everyday example.
2. Walk me through the exercise one small step at a time. Ask me what I've done so far before giving the next step.
3. Don't just give me the final answer. Help me do it myself, and check my work when I share it.
4. This is for learning only. Remind me to check with a licensed professional before I make a real decision about my own money, health or legal situation.

I'm a parent helping my child (about 8 years old) with a lesson called "Who regulates what (Canadian example: CSA, provincial regulators and CIRO)" from the course "Professional Risk & Regulation: institutional risk and research methods".

Here's what the lesson says:
A hockey game has players, referees and a league office. In Canadian investing, firms and people are the players. The regulators are the referees. They decide who is allowed on the ice and what counts as a foul.

The activity:
Draw the regulator map for your province, and look up one registered firm on the National Registration Search. Write what the page tells you and what it does not tell you.

Please explain this so an 8-year-old understands: short sentences, a fun everyday example, and no hard words.
Then give me 3 simple questions I can ask my child to check they understood, and a way to do the activity together, one tiny step at a time.
Keep it general and educational. This is not advice for a real situation.