NIN 92/08 - Ontario Securities Commission Policy No. 4.8 Non-Resident Advisers [NIN - Rescinded]
| Published Date: | 1992-05-08 |
|---|---|
| Effective Date: | 1992-05-07 |
Under OSC Policy No. 4.8, a non-resident adviser is an adviser that does not have a place of business in Ontario with partners or officers resident in Ontario who are acting as advisers on its behalf in Ontario. An international adviser is an adviser that does not have a place of business in Canada with partners or officers resident in Canada who are acting as advisers on its behalf in Canada. An extra-provincial adviser is a non-resident adviser that is not an international adviser.
OSC Policy No. 4.8 permits a non-resident adviser to act as an adviser in Ontario either as a registrant, with terms and conditions that include restrictions as to type of client, or in reliance upon limited exemptions set out in the policy and effected by blanket order.
The British Columbia Securities Commission shares the concerns of the OSC with respect to the activities of non-resident advisers. However, the Commission will not be adopting a policy identical to OSC Policy No. 4.8, because of concerns as to the appropriateness of providing blanket registration exemptions to non-resident advisers. The Commission is in the process of amending its Local Policy Statement 3-38, Registration of Non-Residents - Securities Act ("LPS 3-38"). The amended LPS 3-38 should be published for comment later this year.
Until the amended LPS 3-38 is in place, non-resident advisers will be dealt with on a case-by-case basis. Enquiries should be directed to the Deputy Superintendent, Registration and Statutory Filings.
DATED at Vancouver, British Columbia, on May 7, 1992.
Douglas M. Hyndman
Chairman