RBC Private Counsel Inc.
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),s. 4.1.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED (The "Act")
AND
IN THE MATTER OF
RBC PRIVATE COUNSEL INC.
DECISION
(Subsection 3.3(4) of Ontario Securities Commission
Rule 31-502 -- Proficiency Requirements
for Registrants)
UPON the Director having received the application of RBC Private Counsel Inc. (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 advising representative to be supervised by an advising officer, partner or representative who is employed at the same location as the associate advising 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 and portfolio manager pursuant to subsection 26(1) of the Act. The Applicant's head office is located in Toronto. The Applicant has branches in numerous cities including London and Waterloo.
2. Mark Sarraino is registered as an associate advising representative with the Applicant. Mr. Sarraino is currently employed with the Applicant at its London branch, where he is supervised by a fully registered advising officer. However, the Applicant would like to transfer Mr. Sarraino to a more convenient location in Hamilton.
3. The Applicant currently has no registered advising officers or representatives located in Hamilton and proposes the Mr. Sarraino be supervised by John Wolfe, a registered advising officer who is located at the Applicant's Waterloo branch.
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 policies and procedures which combine the use of telephone, e-mail, order routing and frequent in person visits to the Hamilton office to facilitate adequate supervision of Mr. Sarraino despite the physical distance between the primary working locations of Mr. Sarraino and Mr. Wolfe.
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 subsection 3.3(4) 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 category of investment counsel and portfolio manager in the province of Ontario; and
B. Mr. Sarraino continues to be employed by the Applicant.
July 10, 2008
"Donna Leitch"