Region

Jurisdiction

Regulator

2022-11-24

Amendments to Policy Statement to Regulation 31-103 Respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations

The Canadian Securities Administrators have amended Policy Statement 31-103 to facilitate the transition of Québec mutual fund dealers to a new Self-Regulatory Organization. The revisions clarify that registered individuals dealing as mutual fund dealers in Québec are exempt from certain SRO provisions and that such firms must comply only with bylaws and rules applicable to their activities in that province. Additionally, the amendments adjust exemption references regarding the delivery of financial information to ensure consistency with the new regulatory framework.

Canada

Autorite des marches financiers Quebec

AMENDMENTS TO POLICY STATEMENT TO REGULATION 31-103 RESPECTING REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS

Section 3.16 of Policy Statement to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations is amended by inserting, in the fourth paragraph, “, except for registered individuals who are dealing representatives of a mutual fund dealer, for their activities in Québec” after “(SRO provisions)”.
Section 9.4 of the Policy Statement is amended: (1) by inserting, in the second paragraph, “(except in Québec)” after “MFDA members”; (2) by inserting, in the fifth paragraph, “We wish to clarify that we expect firms registered as mutual fund dealers, for their activities in Québec, to comply only with the provisions of the bylaws, rules, regulations and policies that are applicable to them.” after “specified in Regulation 31- 103.” (3) by replacing, in the seventh paragraph, “1.3” by “4” and “MFDA members are exempt from section 12.12 relating to the delivery of financial information, as well as” by “also registered in that category in another jurisdiction are exempt from”.