As we discussed in our earlier post, CSA members issued parallel orders yesterday to provide relief from certain requirements found in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Obligations. In addition to dealing with the issue of permitted clients, CSA members, other than the OSC, also extended their blanket orders relieving certain persons and companies from the requirement to register when trading in short-term debt instruments to Sept. 28, 2014. In Ontario, alternative exemptions may be available from the dealer registration requirement, such as the exemption in section 8.5 of NI 31-103 [trades through a registered dealer] and for financial institutions under section 35.1 of the Securities Act (Ontario) and section 4.1 of OSC Rule 45-501 Ontario Prospectus and Registration Exemptions. Further, all CSA members issued parallel orders that extend interim relief for SRO members and Quebec mutual fund dealers from the requirement in section 14.2(1) of NI 31-103 to provide relationship disclosure information to December 31, 2013. IIROC consequently also published a Technical Rules Notice reiterating that it anticipates receiving CSA approval of its Client Relationship Model (CRM) before the end of 2011 and will, upon approval, being an immediate phased implementation. For more information, see CSA Staff Notice 31-329 and IIROC Notice 11-0276.
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