The Autorite des marches financiers (the "AMF", Quebec’s financial services regulator) announced today that the temporary exemption provided under its February 1, 2009 blanket decision from the derivatives dealer and adviser registration requirements under the Derivatives Act (Quebec) (the "Act") for specified derivatives activities carried out solely with “accredited investors” (as defined under National Instrument 45-106 Prospectus and Registration Exemptions ("NI 45-106"), will remain available until September 28, 2010. Prior to this announcement, the temporary exemption had been set to expire on March 27, 2010. The exemption remains available subject to the following conditions:

  1. the derivatives activities must be carried out solely with “accredited investors” in accordance with the conditions set forth in NI 45-106 (including the filing of a report under Part 6); and
  2. the activities must relate only to certain specified categories of derivatives, including:
    1. an option or a negotiable futures contract pertaining to securities, or a Treasury bond futures contract;
    2. an option on a commodity futures contract or financial instrument futures contract; or
    3. commodities futures contracts, financial futures contracts, currencies futures contracts and stock indices futures contracts.

The AMF also announced that the corresponding exemption from the derivatives qualification rules under the Act will continue to remain available for the time being and that the AMF will advise market participants of any changes to this exemption.