CSA revoke redundant NI 31-103 omnibus/blanket relief orders
The CSA published a staff notice today revoking earlier blanket orders (discussed in our posts of February 26, 2010 and November 5, 2010) that provided exemptions from certain requirements of NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. According to the CSA, the orders are no longer required, given the recent amendments to NI 31-103 that became effective on July 11.
The revoked orders dealt with such things as portfolio manager proficiency requirements, client notification requirements for certain Canadian registrants with head offices outside the local jurisdiction and requirements to establish whether a client is an insider for mutual fund dealers. For more information, see CSA Staff Notice 31-328. Also see the OSC Staff Notice 31-714, which identifies the Ontario orders that have been revoked.
