Industry


Omnibus orders, blanket orders and transitional relief relating to new registration regime

Omnibus orders and CSA Staff Notice 31-341 Omnibus/Blanket Orders Exempting Registrants from Certain CRM2 Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations

The members of the Canadian Securities Administrators have issued parallel orders providing interim relief from certain provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) related to the Client Relationship Model Phase 2 amendments to NI 31-103 which come into effect in stages in 2015 and 2016 (the 2015/2016 CRM2 Amendments).

The following orders are effective on July 15, 2015:

  1. Relief from certain provisions under the 2015/2016 CRM2 Amendments for Non-SRO firms registered as of July 15, 2015.
    Full text of Decision
  2. Relief from the 2015/2016 CRM2 Amendments for IIROC members registered as of July 15, 2015.
    Full text of Decision
  3. Relief from the 2015/2016 CRM2 Amendments for MFDA members registered as of July 15, 2015.
    Full text of Decision

For details on the orders, see CSA Staff Notice 31-341 Omnibus/Blanket Orders Exempting Registrants from Certain CRM2 Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations

Omnibus orders, staff positions and CSA Staff Notice 31-329 Omnibus/blanket orders exempting registrants from certain provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and related staff positions

The members of the Canadian Securities Administrators (the CSA) have issued a number of parallel orders (the “orders”) or related staff positions regarding:

  1. the requirement to register when trading in short-term debt instruments (not applicable in Ontario);
  2. the restrictions on the registration exemptions for international dealers and international advisers in sections 8.18 [international dealer] and 8.26 [international adviser] (see Ontario staff position); and
  3. the requirement in section 14.2(1) to provide relationship disclosure information.

The following orders are effective on September 28, 2011:

  1. Relief from the requirement to provide the relationship disclosure information prescribed by section 14.2(1) of NI 31-103 for IIROC member firms that will expire on December 31, 2013.
    Full text of Decision
  2. Relief from the requirement to provide the relationship disclosure information prescribed by section 14.2(1) of NI 31-103 for MFDA member firms that will expire on December 31, 2013.
    Full text of Decision

For details on the orders, see CSA Staff Notice 31-329 Omnibus/blanket orders exempting registrants from certain provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and related staff positions


Revocation of certain parallel orders issued by the CSA that are now addressed in NI 31-103

On February 26, 2010 and November 5, 2010, each of the Canadian Securities Administrators (the CSA) issued parallel 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 substantively addressed in NI 31-103. As a result, the following orders are revoked effective as of September 16, 2011:

  1. Relief from the chief compliance officer (CCO) proficiency requirements for portfolio managers adding a category
    Full Text of Decision
  2. Relief from proficiency requirements for portfolio managers adding registration in the mutual fund dealer or exempt market dealer category
    Full Text of Decision
  3. Relief from client notification requirements under section 14.5 of NI 31-103 for certain Canadian registrants with head offices outside of the local jurisdiction
    Full Text of Decision
  4. Relief from requirements to establish whether a client is an insider of a reporting issuer or any other issuer whose securities are publicly traded under section 13.2(2)(b) of NI 31-103 for mutual fund dealers
    [This order was revoked by a subsequent order effective November 5, 2010. Please refer to CSA Staff Notice 31-321 below.]
  5. Relief from the requirement under section 13.2(2)(b) of NI 31-103 to establish whether a client is an insider of a reporting issuer or any other issuer whose securities are publicly traded in respect of a client for which the registrant only trades securities referred to in section 7.1(2)(b) or (c) of NI 31-103
    Full Text of Decision
  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
    Full Text of Decision

For details on the orders, see:

(a) 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

(b) OSC Staff Notice 31-714 OSC Staff Supplement to 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

Temporary registration relief for mortgage investment entities

The following decision is effective as of December 3, 2010:

  1. Exemption until March 31, 2011 from the adviser registration requirement and the investment fund manager registration requirement in respect of advising or investment fund management activities conducted in respect of mortgage investment entities.
    Full Text of Decision
CSA Staff Notice: 31-322 - Extension of Omnibus/Blanket Order Exempting Mortgage Investment Entities from the Requirement to Register as Investment Fund Managers and Advisers

Exemptions for certain registrants from sections 13.2(2)(b) and 13.2(3)(b)(i) of National Instrument 31-103

The following decisions are effective as of November 5, 2010:

  1. Section 13.2(2)(b) of NI 31-103 does not apply to certain registrants in respect of a client for which the registrant only trades securities referred to in sections 7.1(2)(b) and 7.1(2)(c) of NI 31-103. (Revoked, see CSA Staff Notice 31-328 and OSC Staff Notice 31-714)
  2. Subject to conditions set out in the order, section 13.2(3)(b)(i) of NI 31-103 does not apply to a registrant that is a mutual fund dealer in respect of a client that is a corporation. (Revoked, see CSA Staff Notice 31-328 and OSC Staff Notice 31-714)
CSA Staff Notice: 31-321 - Further Omnibus / Blanket Orders Exempting Registrants from Certain Provisions of National Instrument 31-103 Registration Requirements and Exemptions
USC Education Savings Plans Inc. and others registered as of the date of this decision
Scotia Securities Inc. and other Mutual Fund Dealers registered as of the date of this decision

Temporary relief from relationship disclosure requirements for IIROC and the MFDA

The following orders are effective as of September 10, 2010:

  1. Relief from the requirement to provide the relationship disclosure information prescribed by section 14.2(1) of NI 31-103 for IIROC member firms until the earlier of September 28, 2011 or the coming into force of equivalent IIROC relationship disclosure requirements
  2. Relief from the requirement to provide the relationship disclosure information prescribed by section 14.2(1) of NI 31-103 for MFDA member firms until the earlier of September 28, 2011 or the coming into force of equivalent MFDA relationship disclosure requirements
For details on the orders, see CSA Staff Notice 31-319 Further Omnibus/Blanket Orders Exempting Registrants from Certain Provisions of National Instrument 31-103 Registration Requirements and Exemptions.

For details regarding the extension of this relief to December 31, 2013, see CSA Staff Notice 31-329 Omnibus/blanket orders exempting registrants from certain provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and related staff positions

Omnibus orders and CSA Staff Notice 31-315 Omnibus / blanket orders exempting registrants from certain provisions of NI 31-103 Registration Requirements and Exemptions

The members of the Canadian Securities Administrators (the CSA) have each issued orders providing relief from certain provisions of National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103).

The following orders are effective as of February 26, 2010:

  1. The continuation of transition/grandfathering provisions for persons and companies adding a jurisdiction
    Full text of Decision
  2. Relief from the chief compliance officer proficiency requirements for portfolio managers adding a category
    Full text of Decision (Revoked, see CSA Staff Notice 31-328 and OSC Staff Notice 31-714)
  3. Relief from proficiency requirements for portfolio managers adding registration in the mutual fund dealer or exempt market dealer category
    Full text of Decision (Revoked, see CSA Staff Notice 31-328 and OSC Staff Notice 31-714)
  4. Relief from the time limits on examination requirements for dealing representatives of exempt market dealers (in Ontario and Newfoundland and Labrador only) and scholarship plan dealers in all jurisdictions who were registered when NI 31-103 came into force
    Full text of Decision
  5. Relief from client notification requirements under section 14.5 of NI 31-103 for certain Canadian registrants with head offices outside of the local jurisdiction
    Full text of Decision (Revoked, see CSA Staff Notice 31-328 and OSC Staff Notice 31-714)
  6. Relief from requirements to establish whether a client is an insider under section 13.2(2)(b) of NI 31-103 for mutual fund dealers
    Full text of Decision (Revoked by a subsequent order effective November 5, 2010. See CSA Staff Notice 31-321)

For details on the orders, see CSA Staff Notice 31-315 Omnibus / blanket orders exempting registrants from certain provisions of NI 31-103 Registration Requirements and Exemptions.

CSA Staff Notice 31-316 Blanket Order Exempting Persons and Companies from the Requirement to Register when Trading in Short-term Debt Instruments

The following order is effective as of March 27, 2010:

  1. Relief from registration requirement for certain financial institutions in respect of trades in certain short-term debt instruments

For details on the order, see CSA Staff Notice 31-316 Blanket Order Exempting Persons and Companies from the Requirement to Register when Trading in Short-term Debt Instruments.

For details regarding the extension of this relief to December 31, 2013, see CSA Staff Notice 31-329 Omnibus/blanket orders exempting registrants from certain provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and related staff positions

Amended transitional relief for Ontario exempt market dealers

The following decision is effective as of September 28, 2009 (amended on February 19, 2010):

  1. Relief for mapped-over exempt market dealers from solvency-related requirements in subsection 12.12(1) of NI 31-103 for a transitional period of one year, and from requirements to deliver certain client statements in section 14.14 of NI 31-103 for a transitional period of two years
    Full text of original Decision dated September 28, 2009
    Full text of amended Decision dated February 19, 2010

Transitional relief for international dealers

The following decision is effective as of September 28, 2009:

  1. Relief for previously registered international dealers now relying on exemption in section 8.18 of NI 31-103 from prohibition on trading in debt securities that are not foreign securities outside of their distribution, for a transitional period of one year
    Full text of Decision