Securities Law & Instruments

Headnote

Under the order, section 3.3 does not apply to a Filer in respect of examinations and programs in sections 3.7 and 3.9 if the registrant was registered as a dealing representative of a scholarship plan dealer or exempt market dealer when NI 31-103 came into force.

Instruments Cited

National Instrument 31-103 Registration Requirements and Exemptions, ss. 3.3, 3.7, 3.9.

February 26, 2010

IN THE MATTER OF

NATIONAL INSTRUMENT 31-103

REGISTRATION REQUIREMENTS AND

EXEMPTIONS ("NI 31-103" or the "Instrument")

AND

LAURENCE GINSBERG (the "Lead Filer") AND

DEALING REPRESENTATIVES OF EXEMPT

MARKET DEALERS AND

SCHOLARSHIP PLAN DEALERS

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 is registered in Ontario as a dealing representative of an exempt market dealer and has been continuously registered in that category since NI 31-103 came into force.

2. Because the Lead Filer was registered as a dealing representative of an exempt market dealer when NI 31-103 came into force, he is exempt from section 3.9 [exempt market dealer -- dealing representative] until September 28, 2010 due to the application of subsection 16.10(3) [proficiency for dealing and advising representatives].

3. On September 28, 2010, the Lead Filer will become subject to section 3.9 [exempt market dealer -- dealing representative], which specifies the proficiency he must have to act as a dealing representative of an exempt market dealer.

4. Section 3.3 [time limits on examination requirements] of NI 31-103 provides that an individual is deemed not to have passed an examination or successfully completed a program unless he or she has done so within the time period set out in that section.

5. The Lead Filer has passed the Canadian Securities Course Exam, the proficiency requirement in section 3.9 [exempt market dealer -- dealing representative]. However, due to the application section 3.3 [time limits on examination requirements], he is deemed not to have passed the Exam because he did not pass it within the period set out in that section.

Application

The Lead Filer has applied to the Director, under section 15.1 of NI 31-103, for exemptions for himself and each dealing representative of an exempt market dealer and a scholarship plan dealer registered in a jurisdiction of Canada on and since the date NI 31-103 came into force (together with the Lead Filer, the Filers or, individually, a Filer) from section 3.3 [time limits on examination requirements] of NI 31-103.

Decision

The decision of the Director is that section 3.3 [time limits on examination requirements] does not apply to a Filer in respect of an examination or program in

(a) section 3.7 [scholarship plan dealer -- dealing representative] if the Filer was registered in a jurisdiction of Canada as a dealing representative of a scholarship plan dealer on and since the date NI 31-103 came into force, and

(b) section 3.9 [exempt market dealer -- dealing representative] if the Filer was registered in Ontario or Newfoundland and Labrador as a dealing representative of an exempt market dealer on and since the date NI 31-103 came into force.

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