31-523 (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 Instument 31-103 Registration Requirements, Exemptions And Ongoing Registrant Obligations
Blanket Order 31-523
- 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 clientregistrant relationship (the “Client Focused Reforms”).
- The Client Focused Reforms relating to relationship disclosure information (the “enhanced RDI requirements”), come into force on December 31, 2020.
- The Client Focused Reforms relating to several other reform areas come into force on December 31, 2021.
- The CSA is actively consulting with numerous industry stakeholders through the Client Focused Reforms Implementation Committee and through them, the CSA has been informed of operational challenges relating to the enhanced RDI requirements resulting from the two separate implementation dates.
- 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 December 31, 2021.
DATED at Charlottetown, Prince Edward Island, this 15th day of April, 2020.