Blanket Order #31-502
R.S.P.E.I. 1988, Cap-S-3.1
Document Type: Blanket Order
Document No: 31-502
Subject: Exemption from certain sections of National Instrument 31-103 Registration Requirements and Exemptions in connection with transition and grandfathering matters
Effective Date: February 26, 2010
BLANKET ORDER 31-502
Exemption from certain sections of National Instrument 31-103
Registration Requirements and Exemptions in connection
with transition and grandfathering matters
PART 1 DEFINITIONS
1.1 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.
1.2 “NI 31-103" means National Instrument 31-103 Registration Requirements and Exemptions.
PART 2 BACKGROUND
2.1 Certain provisions of Part 16 of NI 31-103, apply to a person or company registered on September 28, 2009 in a jurisdiction but do not apply to a person or company in any jurisdiction where the person or company was not registered on September 28, 2009.
2.2 A person or company not registered in Prince Edward Island on September 28, 2009 is not exempt from those same sections of NI 31-103 in Prince Edward Island.
PART 3 ORDER
3.1 IT IS ORDERED pursuant to section 16 of the Act that, subject to the sections of NI 31-103 listed in Appendix A do not apply if the following conditions apply:
(a) the person or company has been continuously registered in another jurisdiction of Canada since NI 31-103 came into force;
(b) the person or company remains registered in the jurisdiction referred to in paragraph (a) during their reliance on this exemption;
(c) the person or company registered in Prince Edward Island after September 28, 2009 in the same category and, in the case of a registered individual, with the same sponsoring firm as the individual is registered in the jurisdiction referred to in paragraph (a);
(d) the person or company is exempt from the same section of NI 31-103 in the jurisdiction referred to in paragraph (a) due to the application of one of the following sections:
(i) section 16.9(2) [registration of chief compliance officers];
(ii) section 16.10 [proficiency for dealing and advising representatives];
(iii) section 16.11 [capital requirements];
(iv) section 16.13 [insurance requirements]
(v) section 16.14 [relationship disclosure information]
(vi) section 16.15 [referral arrangements]
(vii) section 16-16 [complaint handling]
(viii) section 16.17 [client statements - mutual fund dealers]
(a) Each section of Divisions 1 and 2 [proficiency] of Part 3
(b) Section 12.1 [capital requirements]
(c) Section 12.2 [notifying the regulator of a subordination agreement]
(d) Section 12.3 [insurance - dealer]
(e) Section 12.4 [insurance - adviser]
(f) Section 12.5 [insurance - investment fund manager]
(g) Section 12.5 [global bonding or insurance]
(h) Section 12.7 [notifying the regulator of a change, claim or cancellation]
(i) Section 14.2 [relationship disclosure information]
(j) Each section of Division 3 [referral arrangements] of Part 13
(k) Section 13-16 [dispute resolution service]
(l) Section 14.14 [client statements]
3.2 Section 3.1 does not apply where the person or company was, immediately prior to NI 31-103 coming into force, registered solely as:
(i) a limited market dealer or salesperson, officer, partner or director of a limited market dealer in Ontario; or
(ii) a limited market dealer or salesperson, officer or partner of a limited market dealer in Newfoundland and Labrador.
PART 4 EFFECTIVE DATE
4.1 This Order takes effect on February 26, 2010.
DATED at Charlottetown, Prince Edward Island, this 26th day of February, 2010.