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THE SECURITIES ACT |
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Order No. 6403 |
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Section 20(1) and National Instrument 31-103 Registration Requirements and Exemptions |
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September 23, 2011 |
Exemption from the requirement to register for international advisers
BLANKET ORDER 31-517
Interpretation
Unless otherwise defined in this decision or the context otherwise requires, terms used in this decision that are defined in NI 31-103 Registration Requirements and Exemptions (“NI 31-103”) or National Instrument 14-101 Definitions have
the same meaning.
WHEREAS
Background
1. Sections 8.26 of NI 31-103 provides an exemption from the adviser registration requirement.
2. Section 8.26 of NI 31-103 includes provisions that use the defined term “Canadian permitted client”.
3. Since the term “Canadian permitted client” in section 8.26 of NI 31-103 may be more restrictive than intended, it would not be prejudicial to the public interest if in subsection 8.26(3), the term “Canadian permitted client” were read as “permitted client”.
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, c. S50, that a person is exempt from the adviser registration requirement if the person relies on the exemption in section 8.26 of NI 31-103, except that in subsection 8.26(3) the term “Canadian permitted client”:
(i) reads as “permitted client”; and
(ii) excludes a person or company registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer.
2. THAT this order will come into effect on September 23, 2011.
BY ORDER OF THE COMMISSION
Deputy Director