Mutual Reliance Review System for Exemptive Relief Applications -- relief from requirement to obtain specific and informed written consent from clients once in each twelve-month period with respect to certain funds -- subject to conditions.
Applicable Ontario Legislation
Ontario Regulation 1015, R.R.O. 1990, ss. 227(2)(b)(ii), 233.
IN THE MATTER OF
THE SECURITIES LEGISLATION OF
ALBERTA AND ONTARIO
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
ABN AMRO ASSET MANAGEMENT CANADA LIMITED
MRRS DECISION DOCUMENT
WHEREAS the local securities regulatory authority or regulator (the Decision Maker) in each of the Provinces of Alberta and Ontario (the Jurisdictions) has received an application (the Application) from ABN AMRO Asset Management Canada Limited. (ABN) for a decision (the Decision) pursuant to the securities legislation of the Jurisdictions (the Legislation) that the restriction against an adviser exercising discretionary authority with respect to a client's account to purchase or sell the securities of a related issuer of the registrant without the specific and informed written consent of the client once in each twelve month period after the adviser has disclosed to the client all relevant facts and obtained the initial written consent of the client (the Annual Consent Requirement) not apply to one or more pooled funds managed or to be managed by ABN or its affiliates or associates (the Pooled Funds) subject to certain conditions;
AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the System), the Ontario Securities Commission is the principal regulator for this application;
AND WHEREAS, unless otherwise defined, the terms herein have the meaning set out in National Instrument 14-101 Definitions;
AND WHEREAS it has been represented by ABN to the Decision Makers that:
1. ABN is registered as an adviser in Ontario, British Columbia, Alberta, New Brunswick and Quebec and has an office and carries on business in Ontario.
2. ABN offers discretionary investment management services to institutional and high net worth clients. Pursuant to investment management agreements, the clients consent to ABN investing on their behalf in Pooled Funds managed by ABN.
3. The Pooled Funds are, or will be, open-end mutual fund trusts created under the laws of Ontario. The Pooled Funds are offered on a continuous basis and are acquired by residents of the Jurisdictions on a private placement basis.
4. The Pooled Funds do not and will not invest in securities of any related or connected issuer of ABN.
5. All clients of ABN receive a Statement of Policies which lists the related issuers of ABN. The only related issuers are the Pooled Funds. In the event of a significant change in its Statement of Policies, ABN will provide to each of its clients a copy of the revised version of, or amendment to, the Statement of Policies.
AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;
AND WHEREAS pursuant to the System this MRRS Decision Document evidences the decision of each Decision Maker;
THE DECISION of the Decision Makers pursuant to the Legislation is that ABN is exempt from the Annual Consent Requirement under the Legislation in respect of the exercise of discretionary authority to invest clients' funds in the securities of the Pooled Funds set out in ABN's Statement of Policies provided that,
(a) ABN has secured the specific and informed consent of the client in advance of the exercise of discretionary authority in respect of the Pooled Funds, and
(b) The Pooled Funds do not and will not invest in securities of any related or connected issuer of ABN.
July 16, 2004.
"Robert L. Shirriff"
"Paul M. Moore"