CSA Staff Notice 31-328 Revocation of Omnibus / Blanket Orders Exempting Registrants from Certain Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations September 16, 2011 On February 26, 2010 and November 5, 2010, each of the Canadian Securities Administrators (the CSA or we) issued parallel orders (collectively, the orders) that provided relief from certain requirements of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103). Certain amendments to NI 31-103 were published by the CSA on April 15, 2011 and became effective on July 11, 2011. As a result, exemptive relief that was previously provided pursuant to the orders has now been addressed in NI 31-103. As indicated in the chart below, NI 31-103 provides equivalent or broader relief to that provided for in the orders, subject to a minor difference in the case of the order referred to in item 6. As a result, we are revoking the orders. In Alberta, the revocation of the orders was effective on July 11, 2011. Omnibus / Blanket order Status 1. Relief from the chief compliance officer (CCO) This order is revoked. proficiency requirements for portfolio managers adding a category The relief has been incorporated in sections 3.6(c), 3.10(c) and 3.14(d) of NI 31-103. 2. Relief from proficiency requirements for portfolio This order is revoked. managers adding registration in the mutual fund dealer or exempt market dealer category The relief has been incorporated in sections 3.5(d) and 3.9(e) of NI 31-103. 3. Relief from client notification requirements under This order is revoked. section 14.5 of NI 31-103 for certain Canadian registrants with head offices outside of the local The relief has been incorporated in section 14.5(2) jurisdiction of NI 31-103. 4. Relief from requirements to establish whether a This order was revoked by a subsequent order client is an insider of a reporting issuer or any other that provided the same relief to both mutual fund issuer whose securities are publicly traded under dealers and scholarship plan dealers effective section 13.2(2)(b) of NI 31-103 for mutual fund November 5, 2010. Please refer to CSA Staff dealers Notice 31-321 dated November 5, 2010. 5. Relief from the requirement under section This order, which replaced the order 13.2(2)(b) of NI 31-103 to establish whether a client mentioned in item 4 of this chart, is revoked. is an insider of a reporting issuer or any other issuer whose securities are publicly traded in The relief has been incorporated in section 13.2(7) respect of a client for which the registrant only of NI 31-103. trades securities referred to in section 7.1(2)(b) or (c) of NI 31-103
Omnibus / Blanket order 6. Relief from the requirement under section 13.2(3)(b)(i) of NI 31-103 for a registered mutual fund dealer to establish the identity of any individual who owns or controls more than 10% of the voting rights attached to the voting securities of a corporation that is a client of the mutual fund dealer We are publishing the revocation orders with this Notice. The revocation orders are also available on websites of CSA members, including: www.lautorite.qc.ca www.albertasecurities.com www.bcsc.bc.ca www.msc.gov.mb.ca www.gov.ns.ca/nssc www.nbsc-cvmnb.ca www.osc.gov.on.ca www.sfsc.gov.sk.ca Questions Please refer your questions to any of the following CSA staff: Lindy Bremner Senior Legal Counsel, Capital Markets Regulation British Columbia Securities Commission Tel: 604-899-6678 Fax: 1-800-373-6393 lbremner@bcsc.bc.ca Status This order is revoked. The relief provided for in the order has been incorporated in section 13.2(3) of NI 31-103, subject to the following changes: • the percentage of the voting rights in clause (b)(i) has been increased from 10% to 25% for all categories of registered firms (and not just mutual fund dealers) • this percentage now applies to voting rights attached to outstanding voting securities of the corporation, whereas the order referred to 25% of outstanding shares • section 13.2(3) of NI 31-103 does not refer to the provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), including applicable exemptions in that legislation.
Navdeep Gill Legal Counsel, Market Regulation Alberta Securities Commission Tel: 403-355-9043 navdeep.gill@asc.ca Dean Murrison Deputy Director, Legal and Registration Saskatchewan Financial Services Commission Tel: 306 787 5879 dean.murrison@gov.sk.ca Chris Besko Legal Counsel, Deputy Director The Manitoba Securities Commission Tel: 204-945-2561 Toll Free (Manitoba only): 1-800-655-5244 chris.besko@gov.mb.ca Robert F. Kohl Senior Legal Counsel, Compliance and Registrant Regulation Ontario Securities Commission Tel: 416-593-8233 rkohl@osc.gov.on.ca Sophie Jean Analyste expert en réglementation – pratiques de distribution Autorité des marchés financiers Tel: 514-395-0337, ext. 4786 Toll-free: 1-877-525-0337 sophie.jean@lautorite.qc.ca Jason L. Alcorn Legal Counsel New Brunswick Securities Commission Tel: 506-643-7857 jason.alcorn@nbsc-cvmnb.ca Katharine Tummon Superintendent of Securities Prince Edward Island Securities Office Tel: 902-368-4542 kptummon@gov.pe.ca
Brian W. Murphy Deputy Director, Capital Markets Nova Scotia Securities Commission Tel: 902-424-4592 murphybw@gov.ns.ca Craig Whalen Manager of Licensing, Registration and Compliance Office of the Superintendent of Securities Government of Newfoundland and Labrador Tel: 709-729-5661 cwhalen@gov.nl.ca Louis Arki, Director, Legal Registries Department of Justice, Government of Nunavut Tel: 867-975-6587 larki@gov.nu.ca Donn MacDougall Deputy Superintendent, Legal & Enforcement Office of the Superintendent of Securities Government of the Northwest Territories Tel: 867-920-8984 donald.macdougall@gov.nt.ca Frederik J. Pretorius Manager Corporate Affairs (C-6) Dept of Community Services Government of Yukon Tel: 867-667-5225 Fred.Pretorius@gov.yk.ca
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