CSA Publish Further Blanket Orders for Registration Exemptions

As you may recall from earlier posts on the subject, the Canadian Securities Administrators have issued a number of blanket orders in response to requests for exemptive relief since the release of NI 31-103 Registration Requirements and Exemptions. The CSA has now issued two more, effective today.

First, the order published in February exempting mutual fund dealers from section 13.2(2)(b) of NI 31-103 (which requires registrants to establish whether a client is an insider of a reporting issuer or any other issuer whose securities are publicly traded) is being replaced by an order that exempts all registrants from that requirement. Specifically, s. 13.2(2)(b) will no longer apply to a registrant in respect of a client where the registrant only trades securities for that client that are listed in sections 7.1(2)(b) and (c) of NI 31-103. The securities listed in s. 7.1(2)(b) and (c) consist of: (i) mutual funds; (ii) except in Quebec, investment funds that