JonesTrading Institutional Services LLC - s. 211 of the Regulation
Headnote
Application in connection with application for registration as an international dealer, for an order pursuant to section 211 of the Regulation exempting the applicants from the requirement in subsection 208(2) of the Regulation that they carry on the business of an underwriter in a country other than Canada to be able to register in Ontario as international dealers.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(1).
Regulations Cited
Regulation made under the Securities Act, R.R.O. 1990, Reg. 1015, as am., ss. 100(3), 208(2), 211.
October 28, 2005
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990,
CHAPTER S. 5, AS AMENDED (the ACT)
AND
IN THE MATTER OF
ONTARIO REGULATION 1015, R.R.O. 1990,
AS AMENDED (the REGULATION)
AND
IN THE MATTER OF
JONESTRADING INSTITUTIONAL SERVICES LLC
ORDER
(Section 211 of the Regulation)
UPON the application (the Application) of JonesTrading Institutional Services LLC, (the Applicant) to the Ontario Securities Commission for an order, pursuant to section 211 of the Regulation, exempting the Applicant from the requirement in subsection 208(2) of the Regulation that the Applicant carry on the business of an underwriter in a country other than Canada in order for the Applicant to each be registered under the Act as a dealer in the category of international dealer;
AND UPON considering the Application and the recommendation of staff of the Commission;
AND UPON the Applicant having represented to the Commission that:
1. The Applicant has filed an application for registration as a dealer under the Act, in the category of international dealer, in accordance with section 208 of the Regulation. The Applicant is not presently registered in any capacity under the Act.
2. The Applicant is a limited liability company formed under the laws of the State of Delaware in the United States, and has its principal place of business in Westlake Village, California.
3. The Applicant is registered as a broker-dealer with the U.S. Securities and Exchange Commission and is a member of the U.S. National Association of Securities Dealers.
4. The Applicant does not currently act as an underwriter in the U.S., nor in any jurisdiction outside of the U.S. The Applicant has no intention of acting as an underwriter in Ontario.
5. In the absence of the relief requested in this Application, the Applicant would not meet the requirements of the Regulation for registration as a dealer in the category of international dealer as they do not carry on the business of an underwriter in a country other than Canada.
6. The Applicant does not now act as an underwriter in Ontario and will not act as underwriters in Ontario if they are registered under the Act as international dealers, despite the fact that subsection 100(3) of the Regulation provides that an international dealer is deemed to have been granted registration as an underwriter for the purposes of a distribution which it is permitted to make.
AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;
IT IS ORDERED, pursuant to section 211 of the Regulation, that, in connection with the registration of the Applicant as a dealer under the Act in the category of international dealer, the Applicant is exempt from the provisions of subsection 208(2) of the Regulation requiring that the Applicant carry on the business of an underwriter in a country other than Canada, provided that, so long as the Applicant is registered under the Act as an international dealer:
(a) the Applicant carry's on the business of a dealer in a country other than Canada; and
(b) notwithstanding subsection 100(3) of the Regulation, the Applicant shall not act as an underwriter in Ontario.