C.F.G. Heward Investment Management Ltd. - s. 3.3(4) of OSC Rule 31-502 Proficiency Requirements for Registrants
Headnote
Application for exemption from subsection 3.3(4), whereby the designated registered representative, partner or officer shall be employed at the same location as the associate representative, associate partner or associate officer whose advice must be approved.
Rules Cited
Ontario Securities Commission Rule 31-502 Proficiency Requirements for Registrants, ss. 3.3(4), 4.1.
August 27, 2008
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
(the "Act")
AND
IN THE MATTER OF
C.F.G. HEWARD INVESTMENT MANAGEMENT LTD.
DECISION
(Subsection 3.3(4) of Ontario Securities Commission
Rule 31-502 -- Proficiency Requirements for Registrants)
UPON the Director having received the application of C.F.G. Heward Investment Management Ltd. (the "Applicant") for a decision pursuant to subsection 3.3(4) of Ontario Securities Commission Rule 31-502 -- Proficiency Requirements for Registrants (Rule 31-502) granting the Applicant relief from the provision requiring an associate representative to be supervised by an advising officer, partner or representative who is employed at the same location as the associate representative;
AND UPON considering the application and the recommendation of the staff of the Ontario Securities Commission (the "Commission");
AND UPON the Applicant having represented to the Director as follows:
1. The Applicant is registered as an investment counsel, portfolio manager and extra provincial limited market dealer pursuant to subsection 26(1) of the Ontario Securities Act (the "Act"). The Applicant's head office is located in Montréal, Québec and it has an office in Toronto, Ontario.
2. Mr. Geoffrey Heward is seeking registration as an associate advising officer & director with the Applicant. Mr. Heward is currently employed with the Applicant at its Toronto office.
3. The Applicant currently has no registered advising officers, partners or representatives located in Toronto and therefore proposes that Mr. Heward be supervised by Maurice Conti, a registered advising officer who is located at the Applicant's Montreal office.
4. Rule 31-502 requires that the registered advising officer, partner or representative be employed at the same location as the associate advising representative, partner or officer whose advice must be approved. (the "requirement for supervision from the same location")
5. The Applicant has provided a description of its policy and procedures which combine the use of telephone, order routing, e-mail and frequent in person visits to the Toronto office to facilitate adequate supervision of Mr. Heward despite the physical distance between the primary working locations of Mr. Heward and Mr. Conti.
AND UPON the Director being satisfied that to do so would not be prejudicial to the public interest;
IT IS THE DECISION of the Director, pursuant to subsections 3.3(4) and 4.1 of Rule 31-502 that the Applicant is granted an exemption from the requirement for supervision from the same location for so long as:
A. The Applicant continues to be registered in the categories of investment counsel, portfolio manager and extra provincial limited market dealer in the province of Ontario; and
B. Mr. Heward continues to be employed by the Applicant.
"David M. Gilkes"