Vantage Asset Management Inc. and other Portfolio Managers applying for registration in another category

Headnote

Revocation of prior interim decision of Director dated February 26, 2010, In the Matter of National Instrument 31-103 Registration Requirements and Exemptions and Vantage Asset Management Inc. and other Portfolio Managers applying for registration in another category . Circumstances provided for in the interim decision are now addressed in the new paragraphs 3.6(c), 3.10(c) and 3.14(d) of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations . Under paragraphs 3.6(b), 3.10(b) and 3.14(c) of NI 31-103, an individual may be designated as the chief compliance officer of a mutual fund dealer, exempt market dealer, or investment fund manager, if the individual has met the proficiency requirements for the chief compliance officer of a portfolio manager set out in section 3.13 . Under subsection 16.9(2) of NI 31-103, individuals who became registered as the chief compliance officer for a portfolio manager within three months of the day NI 31-103 came into force, and who were identified on the National Registration Database as that portfolio manager.s compliance officer in a jurisdiction of Canada on the day NI 31-103 came into force, are provided with a transitional exemption from section 3.13 . Interim decision had the effect of recognizing this exemption in determining whether an individual met the proficiency requirements set out in section 3.13 for the purposes of paragraphs 3.6(b), 3.10(b) and 3.14(c).

Applicable Legislative Provisions

National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, ss. 3.6, 3.6(b), 3.6(c), 3.10, 3.10(b), 3.10(c), 3.13, 3.14, 3.14(c), 3.14(d), 15.1, 16.9(2), and Part 3.

Decision Cited

In the Matter of National Instrument 31-103 Registration Requirements and Exemptions and Vantage Asset Management Inc. and other Portfolio Managers applying for registration in another category, (2010) 33 OSCB 1777.

September 13, 2011

IN THE MATTER OF

NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS,

EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS

("NI 31-103")

AND

VANTAGE ASSET MANAGEMENT INC. (the "Lead Filer")

AND OTHER PORTFOLIO MANAGERS APPLYING FOR REGISTRATION IN ANOTHER CATEGORY

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 the Director, under section 15.1 of NI 31-103, for exemptions for the Lead Filer and each portfolio manager 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 certain sections in Part 3 [proficiency] of NI 31-103, subject to certain conditions and restrictions.

2. On February 26, 2010, the Director issued a decision (the Interim Decision) under section 15.1 of NI 31-103, In the Matter of National Instrument 31-103 Registration Requirements and Exemptions and Vantage Asset Management Inc. and other Portfolio Managers applying for registration in another category, (2010) 33 OSCB 1777.

3. The Interim Decision provided exemptions from the chief compliance officer proficiency requirements in Part 3 [proficiency] of NI 31-103 for Filers that chose to add an additional category of registration.

4. Under the Interim Decision, a Filer was exempted from the applicable proficiency requirements in sections 3.6 [mutual fund dealer -- chief compliance officer], 3.10 [exempt market dealer -- chief compliance officer], and 3.14 [investment fund manager -- chief compliance officer] of NI 31-103, subject to the following conditions:

i. the Filer was exempt from section 3.13 [portfolio manager -- chief compliance officer] of NI 31-103 in any jurisdiction of Canada due to the application of subsection 16.9(2) [registration of chief compliance officers] of NI 31-103, and

ii. the individual designated as the Filer's chief compliance officer in respect of the Filer's mutual fund dealer, exempt market dealer or investment fund manager activities was the same individual designated as the Filer's chief compliance officer in respect of the Filer's portfolio manager activities.

5. The Interim Decision was issued by the Director on the understanding that it would be reconsidered in the course of the NI 31-103 amendments process.

6. Amendments to NI 31-103 were published on April 15, 2011 and came into force on July 11, 2011. As a result of these amendments, the circumstances previously provided for in the Interim Decision are now addressed in paragraphs 3.6(c), 3.10(c) and 3.14(d) of NI 31-103.

Decision

The Director is satisfied that it is in the public interest for him to make this decision.

The decision of the Director is that, effective September 16, 2011, the Interim Decision is revoked.