On September 28, 2011, the Canadian Securities Administrators (“CSA”) published Staff Notice 31-329 (the “Notice”) issuing orders from several CSA members to provide relief from certain provisions in respect of National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”).
Since NI 31-103 came into force, the CSA received applications for exemptive relief of certain provisions of NI 31-103. The Notice outlines orders issued or extended by certain CSA members related to the following:
- the requirement to register when trading in short-term debt instruments;
- the restrictions on the registration exemptions for international dealers and international advisers in sections 8.18 [international dealer] and 8.26 [international adviser] of NI 31-103; and
- the requirement in section 14.2(1) of NI 31-103 to provide relationship disclosure information.
The Notice summarizes the orders and related staff positions that have been issued by CSA members in connection with NI 31-103. The Notice also outlines the staff positions of certain CSA members who did not issue similar orders in connection with the above noted provisions of NI 31-103.