Notice of Ministerial Approval: NI 31-103 - Registration Requirements and Exemptions and Consequential Amendments to Related Instruments

 

NOTICE OF MINISTERIAL APPROVAL OF

NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS AND EXEMPTIONS

AND

CONSEQUENTIAL AMENDMENTS

TO RELATED INSTRUMENTS

On August 28, 2009, the Minister of Finance approved National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103) made by the Ontario Securities Commission (the Commission or OSC) and consequential amendments to related instruments (the Rules and Amendments). The final Rules and Amendments are set out in Appendix A.

The Rules and Amendments were made by the Commission on July 14, 2009. On August 26, 2009, a quorum of the Commission approved changes to the Rules and Amendments previously made by the Commission to correct two typographical errors:

(i) The definition of "market intermediary" in OSC Rule 14-501 Definitions now includes ", or" between clauses (c) and (d); and

(ii) Section 19 of the amending instrument to OSC Rule 35-502 Non-Resident Advisers now includes section 11 of the amending instrument. Section 11 sets out definitions which are used in provisions that relate to the category of international dealer, which will remain in force during the one-year transition period in which existing international dealers may continue to operate under this category.

The Rules and Amendments have an effective date of September 28, 2009, assuming that the requisite provisions of the Budget Measures Act, 2009 are proclaimed in force by then. The Rules and Amendments were previously published in a Supplement to the Bulletin on July 17, 2009.

On July 14, 2009, the Commission also adopted policies related to NI 31-103 (the Policies and Policy Amendments). The Policies and Policy Amendments are set out in Appendix B. The Policies and Policy Amendments become effective on the same date as the Rules and Amendments. The Policies and Policy Amendments were previously published in a Supplement to the Bulletin on July 17, 2009.

Effective the same date as the Rules and Amendments, the Commission is also revoking or rescinding the instruments and policies set out in Appendix C and withdrawing the notices listed in Appendix D. The revocations, rescissions and/or withdrawals were previously published in a Supplement to the Bulletin on July 17, 2009.

Ministry of Finance staff have recommended September 28, 2009 as the date on which the requisite provisions of the Budget Measures Act, 2009 be proclaimed in force. In which case, the Rules and Amendments would take effect on September 28, 2009.

September 18, 2009

 

APPENDIX A

RULES AND AMENTMENTS

Rules and Amendments approved by the Minister of Finance on August 28, 2009:

• National Instrument 31-103 Registration Requirements and Exemptions

• Amendments to National Instrument 14-101 Definitions

• Amendments to National Instrument 24-101 Institutional Trade Matching and Settlement

• Amendments to National Instrument 31-102 National Registration Database

• Amendments to National Instrument 33-105 Underwriting Conflicts

• Amendments to National Instrument 81-102 Mutual Funds

• Amendments to National Instrument 81-104 Commodity Pools

• Amendments to National Instrument 81-105 Mutual Fund Sales Practices

• Amendments to National Instrument 81-107 Independent Review Committee for Investment Funds

• Amendments to Ontario Securities Commission Rule 13-502 Fees

• Amendments to Ontario Securities Commission Rule 13-503 (Commodity Futures Act) Fees

• Amendments to Ontario Securities Commission Rule 14-501 Definitions

• Amendments to Ontario Securities Commission Rule 31-505 Conditions of Registration

• Amendments to Ontario Securities Commission Rule 31-509 (Commodity Futures Act) National Registration Database

• Amendments to Ontario Securities Commission Rule 35-502 Non-Resident Advisers

• Amendments to Ontario Securities Commission Rule 91-501 Strip Bonds

• Amendments to Ontario Securities Commission Rule 91-502 Trades in Recognized Options

• Repeal of National Instrument 31-101 National Registration System

• Repeal and replacement of National Instrument 33-109 Registration Information

• Revocation of National Instrument 33-102 Regulation of Certain Registrant Activities

• Revocation of Ontario Securities Commission Rule 31-501 Registrant Relationships

• Revocation of Ontario Securities Commission Rule 31-502 Proficiency Requirements for Registrants

• Revocation of Ontario Securities Commission Rule 31-503 Limited Market Dealers

• Revocation of Ontario Securities Commission Rule 31-504 Dealer and Adviser Applications for Registrations

• Revocation of Ontario Securities Commission Rule 31-506 SRO Membership -- Mutual Fund Dealers

• Revocation of Ontario Securities Commission Rule 31-507 SRO Membership -- Securities Dealers and Brokers

• Revocation of Ontario Securities Commission Rule 33-501 Surrender of Registration

• Revocation of Ontario Securities Commission Rule 33-502 Exceptions to Conflict Rules in the Sale of Mutual Fund Securities

• Revocation and restatement of Ontario Securities Commission Rule 33-506 (Commodity Futures Act) Registration Information

 

APPENDIX B

POLICIES AND POLICY AMENDMENTS

Policies and Policy Amendments adopted by the Commission on June 23, 2009:

• Companion Policy 31-103CP Registration Requirements and Exemptions

• National Policy 11-204 Process for Registration in Multiple Jurisdictions

• Amendments to National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions

• Amendments to National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions

• Amendments to Companion Policy 24-101CP Institutional Trade Matching and Settlement

• Amendments to Companion Policy 31-102CP National Registration Database

• Amendments to Companion Policy 33-105CP Underwriting Conflicts

• Amendments to Multilateral Policy 34-202 Registrants Acting As Corporate Directors

• Amendments to Companion Policy 81-105CP Mutual Fund Sales Practices

• Amendments to Companion Policy 13-502CP Fees

• Amendments to Companion Policy 31-509CP (Commodity Futures Act) National Registration Database

• Amendments to Companion Policy 91-501CP Strip Bonds

• Rescission and replacement of Companion Policy 33-109CP Registration Information

• Rescission and restatement of Companion Policy 33-506CP (Commodity Futures Act) Registration Information

 

APPENDIX C

REVOKED OR RESCINDED POLICIES

Policies the Commission is revoking or rescinding:

• Companion Policy 33-102CP Regulation of Certain Registrant Activities

• National Policy 34-201 Breach of Requirements of Other Jurisdictions

• Companion Policy 31-501CP Registrant Relationships

• Companion Policy 31-502CP Proficiency Requirements for Registrants

• Ontario Securities Commission Policy 34-601 Registration -- Declaration of Personal Bankruptcy

• Ontario Securities Commission Policy 34-602 Suspension of Registration-Criminal Charges Pending

• Ontario Securities Commission Policy 35-601 Registration of Non-Resident Salesmen, Partners or Officers of Registered Dealers

 

APPENDIX D

STAFF NOTICES

Staff Notices the Commission is withdrawing:

• CSA Staff Notice 31-309 Proposed National Instrument 31-103 Registration Requirements and Proposed Companion Policy 31-103CP Registration Requirements (2008) 31 OSCB 10988

• CSA Staff Notice 31-310 Proposed National Instrument 31-103 Registration Requirements and Proposed Companion Policy 31-103CP Registration Requirements (2009) 32 OSCB 2892

• CSA Staff Notice 31-402 Registration Forms Relating to the National Registration Database (2001) 24 OSCB 4039

• Ontario Securities Commission Staff Notice 31-702 Ontario Securities Commission Designation Of Courses Under Rule 31-502 Proficiency Requirements For Registrants (2000) 23 OSCB 4390

• Registration Section Clarification Note 31-706 Telemarketing Activities of Certain Employees or Independent Agents of Registered Dealers (1992) 15 OSCB 4775, replaced 12 OSCB 2178; assigned number (2003) 26 OSCB 2319

• OSC Notice 31-707 Labour Sponsored Investment Fund Course (1995) 18 OSCB 3616; assigned number (2003) 26 OSCB 2319

• Ontario Securities Commission Staff Notice 31-708 National Registration Database (NRD) Filing Deadlines Extended (2003) 26 OSCB 3495

• OSC Staff Notice 31-711 Ontario Securities Commission Rule 31-502 -- Proficiency Requirements for Registrants and Ontario Securities Commission Rule 31-505 -- Conditions of Registration (2004) 27 OSCB 724

• OSC Staff Notice 32-702 Applications for Exemption from the Time Limits on Completion of Courses and Previous Registrations (2001) 24 OSCB 5762

• CSA Staff Notice 33-307 List of Canadian Registrant and Non-Registrant Firms that Completed the CSA STP Readiness Assessment Survey (2003) 26 OSCB 5473

• CSA Staff Notice 33-308 The CSA STP Readiness Assessment Survey Report (Survey Report) is Now Available on the OSC website (2003) 26 OSCB 6429

• CSA Staff Notice 33-309 The CSA STP Infrastructure Survey Report is Now Available on the OSC Website (2003) 26 OSCB 8149

• CSA Staff Notice 33-311 List Of Canadian Registrant and Non-Registrant Firms that Completed the CSA STP Readiness Assessment Survey (2004) 27 OSCB 6603

• CSA Staff Notice 33-312 The CSA STP Readiness Assessment Survey is Now Available on the OSC Website (2004) 27 OSCB 8953

• Ontario Securities Commission Staff Notice 33-701 Calculation of Regulatory Capital (1997) 20 OSCB 3363

• Staff Notice 33-718 Networking Applications (2000) 22 OSCB 245

• OSC Staff Notice 33-719 Registration Renewal and Permanent Registration (2001) 24 OSCB 4514

• Ontario Securities Commission Staff Notice 33-722 Registration Renewal Procedure and Payment of Annual Participation Fees (2003) 26 OSCB 6893

• OSC Staff Notice 33-726 IOSCO Publishes Final Report on Compliance Function at Market Intermediaries (2006) 29 OSCB 7003

• OSC Staff Notice 33-727 IOSCO Published Consultation Report on Market Intermediary Management of Conflicts that arise in Securities Exchange Offerings (2007) 30 OSCB 1800

• Request for Comment Notice #33-901 The Fair Dealing Model: Concept Paper of the Ontario Securities Commission -- January 2004 (2004) 27 OSCB 1334

• Notice of Proposed Rule 35-501 Registration of Non-Residents (1998) 21 OSCB. 6248

• Registration Section Clarification Note 4 New Procedures for Approving and Recording Amendments to Registration of Dealers and Advisers (1989) 12 OSCB 4651; as amended by 15 OSCB 3470