31-515 (Blanket Order) - Registration Requirement Exemption for International Advisors

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

Document Type: Blanket Order
Document No.: 31-515
Subject: Exemption from the Registration Requirement in NI 31-103 for International Advisors
Effective Date: September 28, 2011

Blanket Order 31-515

Exemption from the Registration Requirement in NI 31-103 for International Advisors

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 National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103) or National Instrument 14-101 Definitions have the same meaning.

Part 2 Background

2.1  Section 8.26 of NI 31-103 provides an exemption from the adviser registration requirement.

2.2  Section 8.26 of NI 31-103 includes provisions that use the defined term “Canadian permitted client”.

2.3  Since the term “Canadian permitted client” in section 8.26 of NI 31-103 may be more restrictive than intended, it would not be prejudicial to the public interest if in subsection 8.26(3), the term “Canadian permitted client” were read as “permitted client”.

Part 3 Order

3.1  A person is exempt from the adviser registration requirement, if the person relies on the exemption in section 8.26 of NI 31-103, except that in subsection 8.26(3), the term “Canadian permitted client”

(i)  were read as “permitted client”; and

(ii)  excludes a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer.

Part 4 Effective Date

4.1  This Order will come into effect on September 28, 2011.

Dated at Charlottetown, Prince Edward Island, this 28th day of September, 2011.