31-522 (Blanket Order)

In The Matter of the Securities Act, R.S.P.E.I. 1988, Cap. S-3.1 and in the Matter of Relief in Respect of Client Focused Reforms Conflict Of Interest Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations

Blanket Order 31-522

WHEREAS:

  1. The Superintendent of Securities has the authority to make exemption orders under provisions of the Securities Act (the “Act”), including orders of general application.
  2. On October 3, 2019, the Canadian Securities Administrators (the “CSA”) adopted amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) to implement reforms to enhance the client-registrant relationship (the “Client Focused Reforms”).
  3. The Client Focused Reforms relating to conflicts of interest (the “enhanced conflicts requirements”) described in the amending instrument to NI 31-103 published in CSA jurisdictions on October 3, 2019, come into force on December 31, 2020.
  4. As a result of COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, the Superintendent acknowledges that many registrants may not be in a position to implement the enhanced conflicts requirements when they come into force on December 31, 2020 because of disruptions to registrants’ access to office facilities, personnel and other key resources.
  5. The Superintendent is of the opinion that to order relief in these circumstances would not be prejudicial to the public interest.

IT IS ORDERED:

  1. Terms defined in the Act, National Instrument 14-101 Definitions, or NI 31-103 have the same meaning in this Instrument.
  2. A registrant is exempt from compliance with the amendments to Part 13 of NI 31-103 that the registrant was required to implement as of December 31, 2020, pursuant to paragraph 35(1)(a) of the amending instrument published by CSA jurisdictions on October 3, 2019.
  3. This order for a registrant is conditional on the registrant complying with those provisions of Part 13 of NI 31-103 that were otherwise subject to amendment on December 31, 2020, as they read on December 30, 2020.
  4. This order comes into effect on December 31, 2020, and expires on June 30, 2021.

DATED at Charlottetown, Prince Edward Island, this 15th day of April, 2020.

 

 

Published date: 
April 15, 2020
Justice and Public Safety

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