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
- The Superintendent of Securities has the authority to make exemption orders under provisions of the Securities Act (the “Act”), including orders of general application.
- 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”).
- 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.
- 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.
- The Superintendent is of the opinion that to order relief in these circumstances would not be prejudicial to the public interest.
IT IS ORDERED:
- Terms defined in the Act, National Instrument 14-101 Definitions, or NI 31-103 have the same meaning in this Instrument.
- 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.
- 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.
- 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.
April 15, 2020