The Securities Act ) Order No. 6072 ) Section 20(1) and National Instrument 31-103 ) February 26, 2010 Registration Requirements and Exemptions ) National Instrument 31-103 Registration Requirements and Exemptions Exemption from sections 3.6, 3.10 and 3.14 BLANKET ORDER 31-507 Interpretation Unless otherwise defined in this decision or the context otherwise requires, terms used in this decision that are defined in NI 31-103 or National Instrument 14-101 Definitions have the same meaning. WHEREAS 1. Under section 3.6 [mutual fund dealer – chief compliance officer] of National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103), a mutual fund dealer must not designate an individual as its chief compliance officer unless the individual has satisfied the proficiency requirements in paragraph (a) or (b) of that section. Paragraph 3.6(b) provides that an individual may be designated a mutual fund dealer’s chief compliance officer if the individual has met the requirements of section 3.13 [portfolio manager – chief compliance officer]. 2. Under section 3.10 [exempt market dealer – chief compliance officer] of NI 31-103, an exempt market dealer must not designate an individual as its chief compliance officer unless the individual has satisfied the proficiency requirements in paragraph (a) or (b) of that section. Paragraph 3.10(b) provides that an individual may be designated an exempt market dealer’s chief compliance officer if the individual has met the requirements of section 3.13 [portfolio manager – chief compliance officer]. 3. Under section 3.14 [investment fund manager – chief compliance officer], an investment fund manager must not designate an individual as its chief compliance officer unless the individual has satisfied the proficiency requirements in paragraph (a), (b) or (c) of that section. Paragraph 3.14(c) provides that an individual may be designated an investment fund manager’s chief compliance officer if the individual has met the requirements of section 3.13 [portfolio manager – chief compliance officer]. 4. If a person or company registered as a portfolio manager in Manitoba was registered as a portfolio manager when NI 31-103 came into force, the portfolio manager’s chief compliance officer is exempt from section 3.13 [portfolio manager – chief compliance 500-400 St. Mary Avenue, Winnipeg, Manitoba R3C 4K5 • tel: (204) 945.2548 • fax: (204) 945.0330 • www.msc.gov.mb.ca
officer] due to the application of subsection 16.9(2) [registration of chief compliance officers]. 5. The chief compliance officer of a person or company registered as a portfolio manager and applying for registration in an additional category is not exempt from sections 3.6 [mutual fund dealer – chief compliance officer], 3.10 [exempt market dealer – chief compliance officer], and 3.14 [investment fund manager – chief compliance officer] of NI 31-103 since section 16.9 of NI 31-103 does not apply to such chief compliance officer. The Commission is of the opinion that it would not be prejudicial to the public interest to make the order requested. IT IS ORDERED: 1. THAT under s. 20(1) of The Securities Act, R.S.M. 1988, s. 50, Sections 3.6 [mutual fund dealer – chief compliance officer], 3.10 [exempt market dealer – chief compliance officer], and 3.14 [investment fund manager – chief compliance officer] of NI 31-103 do not apply to a person or company registered as a portfolio manager in Manitoba who applies for registration in an additional category if: (a) the person or company is exempt from section 3.13 [portfolio manager – chief compliance officer] in any jurisdiction of Canada due to the application of subsection 16.9(2) [registration of chief compliance officers], and (b) the individual designated as the person or company’s chief compliance officer in respect of the person or company’s mutual fund dealer, exempt market dealer or investment fund manager activities is the same individual designated as the person or company’s chief compliance officer in respect of its portfolio manager activities. 2. This order will come into effect on February 26, 2010. BY ORDER OF THE COMMISSION "Chris Besko" Deputy Director
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