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Blanket Order #31-519

Securities Act
R.S.P.E.I. 1988, Cap.-S-3.1

Document Type:  Blanket Order

Document No.:  31-519

Subject:  MFDA 2014 CRM2 Amendments

Effective Date:  July 15, 2014



MFDA 2014 CRM2 Amendments


1.1 Unless otherwise defined in this decision or the context otherwise requires, terms used in this decision that are defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations or National Instrument 14-101 Definitions have the same meaning in this Blanket Order.


2.1 Under section 9.4 [exemptions from certain requirements for MFDA members] of NI 31-103, a registered firm that is a member of MFDA is exempt from certain requirements in NI 31-103 if the registered firm complies with the corresponding MFDA Provisions that are in effect.  The term “MFDA Provision” is defined in section 1.1 of NI 31-103 to mean “a by-law, rule, regulation or policy of MFDA named in Appendix H, as amended from time to time”.

2.2 On July 15, 2014, the following provisions of NI 31-103 will come into effect:

(a) paragraph 14.2(2)(m) [relationship disclosure information]; and

(b) section 14.2.1 [pre-trade disclosure of charges] (paragraphs (a) and (b) together, the CSA 2014 CRM2 Amendments).

2.3 On July 15, 2014, certain MFDA Rules in relation to the implementation of Client Relationship Model – Phase 2 (the MFDA 2014 CRM2 Amendments) will come into effect.

2.4 MFDA Rules affected by the MFDA 2014 CRM2 Amendments are not reflected in Appendix H of NI 31-103.

2.5 The following table sets out the relevant NI 31-103 sections of the CSA 2014 CRM2 Amendments and the corresponding MFDA Rules affected by the MFDA CRM2 Amendments:

NI 31-103 section


Paragraph 14.2(2)(m)

MFDA Rule 2.2.5(h)

Section 14.2.1

MFDA Rule 2.4.4

2.6 The MFDA 2014 CRM2 Amendments are materially harmonized with the CSA 2014 CRM2 Amendments.


3.1 The following sections of NI 31-103 do not apply to any registered firm that is a member of MFDA if the registered firm complies with the corresponding MFDA 2014 CRM2 Amendments:

(a) paragraph 14.2(2)(m); and

(b) section 14.2.1.


4.1 This decision comes into effect on July 15, 2014 and expires on the date on which amendments to Part 9 of NI 31-103 and Appendix H of NI 31-103 come into force providing an equivalent exemption for MFDA members.

DATED at Charlottetown, Prince Edward Island, this 29th day of May, 2014.


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