The applicant was granted relief pursuant to section 147 of the Act, that it is exempted from the requirements of section 113(5) of the Regulation so that the records may be maintained outside of Ontario. The relief is conditional on the applicant making the records, including electronic copies of the records, readily accessible in Ontario, and the applicant producing the physical copy of the records for the Commission within a reasonable time, if requested.
Securities Act, R.S.O. 1990, c. S.5, as am., s. 147.
R.R.O. 1990, Regulation 1015, am. to O. Reg. 500/06, s. 113.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
IN THE MATTER OF
ABN AMRO ASSET MANAGEMENT
(Section 147 of the Act)
UPON the application (the Application) of the Corporation to the Ontario Securities Commission (the Commission) for an order, pursuant to section 147 of the Act, exempting the Corporation from the requirements of section 113(5) of Ontario Regulation 1015 made under the Act (the Regulation), to allow the Corporation to maintain certain corporate records outside of Ontario, provided certain conditions are met;
AND UPON considering the Application and the recommendation of staff of the Commission;
AND WHEREAS the Corporation has represented to the Commission that:
1. The Corporation is a corporation incorporated under the laws of Canada. It is registered as an adviser, commodity trading manager and limited market dealer in Ontario and as an adviser in British Columbia, Alberta, Québec and New Brunswick. The Corporation's head office is located at 79 Wellington Street West, Suite 1500, Toronto, Ontario.
2. The Corporation is responsible for complying with its obligations as a registrant under the Act, including the requirement in subsection 113(5) of the Regulation to maintain all of its books and records in Ontario.
3. The Corporation, which was formerly part of ABN AMRO, is now owned by Fortis Investment Management SA. (Fortis). The Corporation wants to transfer the performance of its finance function to, and accordingly maintain certain of its corporate records with, an affiliate in Boston, MA (the Records). All client and custody records of the Corporation will remain in Ontario.
AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;
IT IS ORDERED, pursuant to section 147 of the Act, that the Corporation is exempted from the requirements of section 113(5) of the Regulation so that the Records may be maintained outside of Ontario, provided that the Corporation will
(i) make the Records, including electronic copies of the Records, readily accessible in Ontario; and
(ii) produce the physical copy of the Records for the Commission within a reasonable time, if requested.
August 19, 2008