Securities Law & Instruments

Headnote

Under the order, a registrant in Ontario is exempt from one or more sections of National Instrument 31-103 if the registrant is exempt from the same sections in another jurisdiction of Canada due to the application of a section of Part 16 [transition] in that other jurisdiction.

Instruments Cited

National Instrument 31-103 Registration Requirements and Exemptions, Part 3, ss. 12.1, 12.2, 12.3, 12.4, 12.5, 12.6, 12.7, 14.2, Division 3 of Part 13, 13.16, 14.14, 16.9(2), 16.10, 16.11, 16.13, 16.14, 16.15, 16.16, 16.17.

February 26, 2010

IN THE MATTER OF

NATIONAL INSTRUMENT 31-103

REGISTRATION REQUIREMENTS AND

EXEMPTIONS (NI 31-103 or the Instrument)

AND

JONATHON BOLDUC (the "Lead Filer") AND

CERTAIN OTHER PERSONS OR COMPANIES

REGISTERED UNDER THE ACT

DECISION

Interpretation

Unless otherwise defined in this decision or the context otherwise requires, terms used in this decision that are defined in NI 31-103 or National Instrument 14-101 Definitions have the same meaning.

Background

1. The Lead Filer applied to be registered in Ontario as a dealing representative after the coming into force of NI 31-103.

2. The Lead Filer has been registered as a dealing representative in Quebec continuously since September 28, 2009, the date NI 31-103 came into force.

3. Under section 16.10 of NI 31-103, section 3.5 of that Instrument does not apply to the Lead Filer in Quebec. However, because the Lead Filer was not registered in Ontario when NI 31-103 came into force, he is not exempt from section 3.5 in Ontario.

Application

The Filer has applied to the Director, under section 15.1 of NI 31-103, for exemptions for the Filer and each person or company registered as of the date of this decision in another jurisdiction of Canada (together with the Lead Filer, the Filers or, individually, a Filer) from certain sections of NI 31-103, subject to the conditions set out in this decision.

Decision

The decision of the Director is that a Filer is exempt from one or more sections of NI 31-103 listed in Appendix A if the following conditions apply:

(a) the Filer has been continuously registered in another jurisdiction of Canada since NI 31-103 came into force;

(b) the Filer remains registered in the jurisdiction referred to in paragraph (a) during their reliance on this exemption;

(c) the Filer registered in Ontario after September 28, 2009 in the same category and, in the case of a registered individual, with the same sponsoring firm as the Filer is registered in the jurisdiction referred to in paragraph (a);

(d) the Filer is exempt from the same section of NI 31-103 in the jurisdiction referred to in paragraph (a) due to the application of one of the following sections:

(i) subsections 16.9(2), (3) and (4) [registration of chief compliance officers];

(ii) section 16.10 [proficiency for dealing and advising representatives];

(iii) section 16.11 [capital requirements];

(iv) section 16.13 [insurance requirements];

(v) section 16.14 [relationship disclosure information];

(vi) section 16.15 [referral arrangements];

(vii) section 16.16 [complaint handling];

(viii) section 16.17 [client statements -- mutual fund dealers].

"Erez Blumberger"
Deputy Director, Registrant Regulation
Ontario Securities Commission

 

Appendix A

Each section of Divisions 1 and 2 [proficiency] of Part 3
Section 12.1 [capital requirements]
Section 12.2 [notifying the regulator of a subordination agreement]
Section 12.3 [insurance - dealer]
Section 12.4 [insurance - adviser]
Section 12.5 [insurance -- investment fund manager]
Section 12.6 [global bonding or insurance]
Section 12.7 [notifying the regulator of a change, claim or cancellation]
Section 14.2 [relationship disclosure information]
Each section of Division 3 [referral arrangements] of Part 13
Section 13.16 [dispute resolution service]
Section 14.14 [client statements]