31-507 (Blanket Order) (Revoked) - Registration Requirements and Exemptions for Portfolio Managers Adding a Category

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

Document Type: Blanket Order
Document No: 31-507
Subject: Exemption from Sections 3.5 and 3.9 of National Instrument 31-103 Registration Requirements and Exemptions for Portfolio Managers Adding a Category
Effective Date: February 26, 2010

Blanket Order 31-507

Exemption from Sections 3.5 and 3.9 of National Instrument 31-103 Registration Requirements and Exemptions for Portfolio Managers Adding a Category

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 Under section 3.5 [mutual fund dealer - dealing representative] of NI 31-103, a dealing representative must not act as a dealer on behalf of a mutual fund dealer unless the individual has satisfied the proficiency requirements in paragraph (a) or (b) of that section.  Paragraph 3.5(b) provides that an individual may act as a dealer on behalf of a mutual fund dealer if the individual has met the requirements of section 3.11 [portfolio manager - advising representative].

2.2 Under section 3.9 [exempt market dealer - dealing representative] of NI 31-103, a dealing representative must not act as a dealer on behalf of an exempt market dealer unless the individual has satisfied the proficiency requirements in paragraph (a), (b) or ©) of that section.  Paragraph 3.9©) provides that an individual may act as a dealer on behalf of an exempt market dealer if the individual has met the requirements of section 3.11 [portfolio manager - advising representative].

2.3 An advising representative of a portfolio manager registered when NI 31-103 came into force is exempt from section 3.11 [portfolio manager - advising representative] due to the application of subsection 16.10(1) [proficiency for dealing and advising representatives] and can therefore not act as a dealing representative of a mutual fund dealer or exempt market dealer under sections 3.5 and 3.9 of NI 31-103

Part 3 Order

It is ordered pursuant to section 16 of the Act that sections 3.5 [mutual fund dealer - dealing representative] and 3.9 [exempt market dealer - dealing representative] of NI 31-103 do not apply to an advising representative of a portfolio manager if such representative is exempt from section 3.11 [portfolio manager - advising representative] in any jurisdiction of Canada pursuant to subsection 16.10(1) [proficiency for dealing and advising representatives].

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.