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Gartmore Distribution Services, Inc. - s. 211 of the Regulation
Headnote
Application in connection with application for registration as an international dealer, for an order pursuant to section 211 of the Regulation exempting the applicant from the requirement in subsection 208(2) of the Regulation that it carry on the business of an underwriter in a country other than Canada to be able to register in Ontario as an international dealer.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(1).
Regulations Cited
Regulation made under the Securities Act, R.R.O. 1990, Reg. 1015, as am., ss. 100(3), 208(2), 211.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED (the Act)
AND
IN THE MATTER OF
R.R.O. 1990, REGULATION 1015,
AS AMENDED (the Regulation)
AND
IN THE MATTER OF
GARTMORE DISTRIBUTION SERVICES, INC.
ORDER
(Section 211 of the Regulation)
UPON the application (the Application) of Gartmore Distribution Services, Inc. (the Applicant) to the Ontario Securities Commission (the Commission) for an order (the Order), pursuant to section 211 of the Regulation, exempting the Applicant from the requirement in subsection 208(2) of the Regulation that the Applicant carry on the business of an underwriter in a country other than Canada, in order for the Applicant to be registered under the Act as a dealer in the category of "international dealer";
AND UPON considering the Application and the recommendation of the staff of the Commission;
AND UPON the Applicant having represented to the Commission that:
1. The Applicant has filed an application for registration as a dealer under the Act in the category of "international dealer" in accordance with section 208 of the Regulation. The Applicant is not currently registered in any capacity under the Act.
2. Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company are mutual insurance companies in the United States and are the ultimate parent companies of, and together have ultimate control over, the Applicant.
3. The Applicant is a corporation organized under the laws of the State of Delaware, in the United States, and its principal place of business is located in Conshohocken, Pennsylvania, United States.
4. The Applicant is registered in the United States as a broker-dealer with the United States Securities and Exchange Commission and is a member in good standing of the National Association of Securities Dealers, Inc.
5. The Applicant carries on the business of a broker-dealer in the United States (as defined in sections 3(a)(4) and 3(a)(5) of the Securities Exchange Act of 1934).
6. The Applicant does not currently act as an "underwriter" in the United States (as defined in section 3(a)(20) of the Securities Exchange Act of 1934, as amended) or in any jurisdiction outside of the United States.
7. In the absence of the relief requested in this Application, the Applicant would not meet the requirements of the Regulation for registration as an "international dealer" as the Applicant does not carry on the business of an underwriter in a country other than Canada.
8. The Applicant does not currently act as an underwriter in Ontario and the Applicant will not act as an underwriter in Ontario if it is registered under the Act as an "international dealer", notwithstanding the fact that subsection 100(3) of the Regulation provides that an "international dealer" is deemed to have been granted registration as an underwriter for the purposes of a distribution which it is permitted to make.
AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;
IT IS ORDERED, pursuant to section 211 of the Regulation, that, in connection with the registration of the Applicant as a dealer under the Act in the category of "international dealer", the Applicant is exempt from the provisions of subsection 208(2) of the Regulation requiring that the Applicant carry on the business of an underwriter in a country other than Canada, provided that, so long as the Applicant is registered under the Act as an "international dealer":
(a) the Applicant carries on the business of a dealer in a country other than Canada; and
(b) notwithstanding subsection 100(3) of the Regulation, the Applicant shall not act as an underwriter in Ontario.
January 10, 2006
"Paul M. Moore"
"Robert W. Davis"