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2022-05-12

Regulation to Amend Regulation 31-103 Respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations

The regulatory authority amends Regulation 31-103 to facilitate the transition of Québec mutual fund dealers to the New Self-Regulatory Organization. The amendments insert specific geographic exclusions for Québec in Sections 3.16, 9.2, and 9.4 to align provincial requirements with the new national framework. Additionally, the regulation deems existing Québec-registered mutual fund dealers as members of the New SRO effective January 1, 2023, subject to the suspension or revocation of their registration rights.

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Autorite des marches financiers Quebec

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REGULATION TO AMEND REGULATION 31-103 RESPECTING REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS Securities Act (chapter V-1.1, s. 331.1, pars. (11) and (26))

  1. Section 3.16 of Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations (chapter V-1.1, r. 10) is amended: (1) by inserting, in subsection (2), “Except in Québec,” before “The following”; (2) by inserting, in subsection (2.1), “Except in Québec,” before “Subsection”.
  2. Section 9.2 of the Regulation is amended by deleting “Except in Québec,”.
  3. Section 9.4 of the Regulation is amended: (1) by inserting, in subsection (1), “Except in Québec and” before “Unless”; (2) by inserting, in subsection (1.1), “Except in Québec,” before “Subsection; (3) by deleting, in subsection (1.3), “Despite subsections (1) and (2),”; (4) by inserting, in subsection (2), “Except in Québec,” before “If”; (5) by inserting, in subsection (2.1), “Except in Québec,” before “Subsection”.
  4. A mutual fund dealer registered in Québec on the date on which this Regulation comes into force is deemed to fulfill the requirement to be a member of the New SRO in order to act as a mutual fund dealer in accordance with section 9.2 of Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations as of that date. The first paragraph ceases to apply as of the date on which the rights granted by the dealer’s registration are suspended or revoked or on which restrictions or conditions are imposed, until the suspension, conditions or restrictions are lifted.
  5. This Regulation comes into force on 1 January 2023.
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