Exemption pursuant to section 4.1 of OSC Rule 31-502 Proficiency Requirements for Registrants from requirements in subsection 3.3(4) whereby the designated registered representative, partner or officer shall be employed at the same location as the associate representative, partner or associate officer whose advice must be approved.
Ontario Securities Commission Rule 31-502 Proficiency Requirements for Registrants.
January 27, 2009
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
IN THE MATTER OF
HARROW PARTNERS LTD.
(Subsection 3.3(4) of the Ontario Securities
Commission Rule 31-502 Proficiency Requirements
UPON the Director having received the application of Harrow Partners Ltd. (the Applicant) for a decision pursuant to section 4.1 of Ontario Securities Commission Rule 31-502 Proficiency Requirements for Registrants (Rule 31-502) granting the Applicant relief from the provision in subsection 3.3(4) of Rule 31-502 requiring an associate advising officer to be supervised by an advising officer, partner or representative who is employed at the same location as the associate advising officer;
AND UPON considering the application and the recommendation of staff of the Ontario Securities Commission (the Commission);
AND UPON the Applicant having represented to the Director as follows:
1. The Applicant is registered under the Act as an investment counsel and portfolio manager (extra-provincial). The Applicant's head office is located in Manitoba. However, the Applicant seeks to hire Michael Schachter as an associate advising representative.
2. Mr. Schachter has applied for registration as an associate advising officer with the Applicant. Mr. Schachter intends to work for the Applicant at its Toronto office upon registration. The Applicant intends for Mr. Schachter to be supervised by David Holt, who is employed at the Applicant's head office.
3. Staff of the Commission have confirmed that Mr. Schachter meets the proficiency requirements for registration as an associate advising officer or has been granted an exemption therefrom.
4. Rule 31-502 requires that the registered advising officer, partner or representative be employed at the same location as the associate advising representative, partner or officer whose advice must be approved (the requirement for supervision from the same location).
5. The Applicant has provided a description of its policies and procedures which combine the use of modern technology and periodic in-person visits to facilitate adequate supervision of Mr. Schachter by Mr. Holt despite the physical distance between the primary working locations of Mr. Schachter and Mr. Holt.
AND UPON the Director being satisfied that to do so would not be prejudicial to the public interest;
IT IS THE DECISION of the Director, pursuant to section 4.1 of Rule 31-502, that the Applicant is granted an exemption from the requirement for supervision from the same location for so long as:
A. The Applicant continues to be registered in the category of investment counsel and portfolio manager in the province of Ontario; and
B. Mr. Schachter continues to be employed by the Applicant.