31-502 (Blanket Order) (Revoked) - Registration Requirements and Exemptions for Transition and Grandfathering Matters

Securities Act
R.S.P.E.I. 1988, Cap-S-3.1

Document Type: Blanket Order
Document No: 31-502
Subject: Exemption from certain sections of National Instrument 31-103 Registration Requirements and Exemptions in connection with transition and grandfathering matters
Effective Date: February 26, 2010

Blanket Order 31-502

Exemption from certain sections of National Instrument 31-103 Registration Requirements and Exemptions in connection with transition and grandfathering matters

Part 1 Definitions

1.1  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.

1.2  “NI 31-103" means National Instrument 31-103 Registration Requirements and Exemptions.

Part 2 Background

2.1  Certain provisions of Part 16 of NI 31-103, apply to a person or company registered on September 28, 2009 in a jurisdiction but do not apply to a person or company in any jurisdiction where the person or company was not registered on September 28, 2009.

2.2  A person or company not registered in Prince Edward Island on September 28, 2009 is not exempt from those same sections of NI 31-103 in Prince Edward Island.

Part 3 Order

3.1  It is ordered pursuant to section 16 of the Act that, subject to the sections of NI 31-103 listed in Appendix A do not apply if the following conditions apply:

(a)  the person or company has been continuously registered in another jurisdiction of Canada since NI 31-103 came into force;

(b)  the person or company remains registered in the jurisdiction referred to in paragraph (a) during their reliance on this exemption;

(c)  the person or company registered in Prince Edward Island after September 28, 2009 in the same category and, in the case of a registered individual, with the same sponsoring firm as the individual is registered in the jurisdiction referred to in paragraph (a);

(d)  the person or company is exempt from the same section of NI 31-103 in the jurisdiction referred to in paragraph (a) due to the application of one of the following sections:

(i) section 16.9(2) [registration of chief compliance officers];

(ii) section 16.10 [proficiency for dealing and advising representatives];

(iii) section 16.11 [capital requirements];

(iv) section 16.13 [insurance requirements]

(v) section 16.14 [relationship disclosure information]

(vi) section 16.15 [referral arrangements]

(vii) section 16-16 [complaint handling]

(viii) section 16.17 [client statements - mutual fund dealers]

Appendix A

(a)  Each section of Divisions 1 and 2 [proficiency] of Part 3

(b)  Section 12.1 [capital requirements]

(c)  Section 12.2 [notifying the regulator of a subordination agreement]

(d)  Section 12.3 [insurance - dealer]

(e)  Section 12.4 [insurance - adviser]

(f)  Section 12.5 [insurance - investment fund manager]

(g)  Section 12.5 [global bonding or insurance]

(h)  Section 12.7 [notifying the regulator of a change, claim or cancellation]

(i)  Section 14.2 [relationship disclosure information]

(j)  Each section of Division 3 [referral arrangements] of Part 13

(k)  Section 13-16 [dispute resolution service]

(l)  Section 14.14 [client statements]

3.2  Section 3.1 does not apply where the person or company was, immediately prior to NI 31-103 coming into force, registered solely as:

(i)  a limited market dealer or salesperson, officer, partner or director of a limited market dealer in Ontario; or

(ii)  a limited market dealer or salesperson, officer or partner of a limited market dealer in Newfoundland and Labrador.

Part 4 Effective Date

4.1 This Order takes effect on February 26, 2010.

Dated at Charlottetown, Prince Edward Island, this 26th day of February, 2010.