Laurence Ginsberg and Dealing Representatives of Exempt Market Dealers and Scholarship Plan Dealers – s. 15.1 of NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations
Headnote
Housekeeping revocation of a prior decision of the Director dated February 26, 2010, In the Matter of Laurence Ginsberg (the "Lead Filer") and Dealing Representatives of Exempt Market Dealers and Scholarship Plan Dealers, (2010) 33 OSCB 1776.
Prior Decision provided an exemption in Ontario from section 3.3 [time limits on examination requirements] of NI 31-103 in respect of an examination or program in section 3.7 [scholarship plan dealer -- dealing representative] to dealing representatives of a scholarship plan dealer if the dealing representative was registered in a jurisdiction of Canada as a dealing representative on and since the date NI 31-103 came into force (being September 28, 2009).
Prior Decision also provided an exemption in Ontario from section 3.3 [time limits on examination requirements] of NI 31-103 in respect of an examination or program in section 3.9 [exempt market dealer -- dealing representative] to dealing representatives of an exempt market dealer if the dealing representative was registered in Ontario or Newfoundland and Labrador as a dealing representative of an exempt market dealer on and since the date NI 31-103 came into force.
Prior Decision has now become redundant as a result of an amendment to section 3.3 NI 31-103 that came into force on January 11, 2015.
Instrument Cited
National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, ss. 3.3(1), 3.3(4), 3.7, 3.9 and 15.1.
Decision Cited
In the Matter of Laurence Ginsberg (the "Lead Filer") and Dealing Representatives of Exempt Market Dealers and Scholarship Plan Dealers, (2010) 33 OSCB 1776.
July 9, 2015
IN THE MATTER OF NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS AND IN THE MATTER OF A PRIOR DECISION OF THE DIRECTOR IN THE MATTER OF LAURENCE GINSBERG (THE "LEAD FILER") AND DEALING REPRESENTATIVES OF EXEMPT MARKET DEALERS AND SCHOLARSHIP PLAN DEALERS
DECISION (Section 15.1 of NI 31-103)
Interpretation
Unless otherwise defined in this decision or the context otherwise requires, terms used in this decision that are defined in National Instrument 14-101 Definitions or National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) have the same meaning.
Background
1. On February 26, 2010, the Director issued a decision, In the Matter of Laurence Ginsberg (the "Lead Filer") and dealing representatives of exempt market dealers and scholarship plan dealers (the Prior Decision).
2. The full text of the Prior Decision is set out in the attached Schedule.
3. Subsection 3.3(1) [time limits on examination requirements] of NI 31-103 provides that for the purposes of Part 3 of NI 31-103 an individual is deemed not to have passed an examination unless he or she has done so within a specified time limit.
4. The Prior Decision provided an exemption in Ontario from section 3.3 [time limits on examination requirements] of NI 31-103 in respect of an examination or program in section 3.7 [scholarship plan dealer -- dealing representative] to dealing representatives of a scholarship plan dealer if the dealing representative was registered in a jurisdiction of Canada as a dealing representative on and since the date NI 31-103 came into force (being September 28, 2009).
5. The Prior Decision also provided an exemption in Ontario from section 3.3 [time limits on examination requirements] of NI 31-103 in respect of an examination or program in section 3.9 [exempt market dealer -- dealing representative] to dealing representatives of an exempt market dealer if the dealing representative was registered in Ontario or Newfoundland and Labrador as a dealing representative of an exempt market dealer on and since the date NI 31-103 came into force.
6. The Prior Decision has now become redundant as a result of an amendment to section 3.3 NI 31-103 that came into force on January 11, 2015. Under the amendment, section 3.3 was amended by adding the following subsection (4):
(4) Subsection (1) does not apply to the examination requirements in
(a) section 3.7 [scholarship plan dealer -- dealing representative] if the individual was registered in a jurisdiction of Canada as a dealing representative of a scholarship plan dealer on and since September 28, 2009, and
(b) section 3.9 [exempt market dealer -- dealing representative] if the individual was registered as a dealing representative of an exempt market dealer in Ontario or Newfoundland and Labrador on and since September 28, 2009.
Decision
The Director is satisfied that it is in the public interest for her to make this decision.
The decision of the Director is that the Prior Decision is revoked.
SCHEDULE
February 26, 2010
IN THE MATTER OF NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS AND EXEMPTIONS ("NI 31-103" or the "Instrument") AND IN THE MATTER OF LAURENCE GINSBERG (THE "LEAD FILER") AND DEALING REPRESENTATIVES OF EXEMPT MARKET DEALERS AND SCHOLARSHIP PLAN DEALERS
DECISION
Interpretation
Unless otherwise defined in this decision or the context otherwise requires, terms used in this decision that are defined in NI 31-103 or National Instrument 14-101 Definitions have the same meaning.
Background
1. The Lead Filer is registered in Ontario as a dealing representative of an exempt market dealer and has been continuously registered in that category since NI 31-103 came into force.
2. Because the Lead Filer was registered as a dealing representative of an exempt market dealer when NI 31-103 came into force, he is exempt from section 3.9 [exempt market dealer -- dealing representative] until September 28, 2010 due to the application of subsection 16.10(3) [proficiency for dealing and advising representatives].
3. On September 28, 2010, the Lead Filer will become subject to section 3.9 [exempt market dealer -- dealing representative], which specifies the proficiency he must have to act as a dealing representative of an exempt market dealer.
4. Section 3.3 [time limits on examination requirements] of NI 31-103 provides that an individual is deemed not to have passed an examination or successfully completed a program unless he or she has done so within the time period set out in that section.
5. The Lead Filer has passed the Canadian Securities Course Exam, the proficiency requirement in section 3.9 [exempt market dealer -- dealing representative]. However, due to the application section 3.3 [time limits on examination requirements], he is deemed not to have passed the Exam because he did not pass it within the period set out in that section.
Application
The Lead Filer has applied to the Director, under section 15.1 of NI 31-103, for exemptions for himself and each dealing representative of an exempt market dealer and a scholarship plan dealer registered in a jurisdiction of Canada on and since the date NI 31-103 came into force (together with the Lead Filer, the Filers or, individually, a Filer) from section 3.3 [time limits on examination requirements] of NI 31-103.
Decision
The decision of the Director is that section 3.3 [time limits on examination requirements] does not apply to a Filer in respect of an examination or program in
(a) section 3.7 [scholarship plan dealer -- dealing representative] if the Filer was registered in a jurisdiction of Canada as a dealing representative of a scholarship plan dealer on and since the date NI 31-103 came into force, and
(b) section 3.9 [exempt market dealer -- dealing representative] if the Filer was registered in Ontario or Newfoundland and Labrador as a dealing representative of an exempt market dealer on and since the date NI 31-103 came into force.