32-503 - Registration Exemption for Approved Persons of the Mutual Funds Dealers Association of Canada [BCI]
| Published Date: | 2009-09-25 |
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| Effective Date: | 2009-09-28 |
| Document(s): |
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Concurrently Published:
British Columbia Securities Commission
BC Instrument 32-503
The British Columbia Securities Commission, considering that to do so would not be prejudicial to the public interest, orders that effective September 28, 2009, BC Instrument 32-503 entitled Registration Exemption for Salespersons’ Corporations, dated February 26, 2002, is revoked and the attached BC Instrument 32-503 Registration Exemption for Approved Persons of the Mutual Fund Dealers Association of Canada is made.
September 21, 2009
Brent W. Aitken
Acting Chair
(This part for administrative purposes only and is not part of the Order)
Authority under which Order is made:
Act and sections:- Securities Act, sections 171 and 48(1)
Other (specify):-
BC Instrument 32-503
Registration Exemption for Approved Persons of the
Mutual Funds Dealers Association of Canada
Order under Section 48 of the Securities Act
Definitions
In this Instrument,
“corporation” means a corporation incorporated under the laws of Canada or a province or territory of Canada, all of whose directors, officers and shareholders are approved persons of the same dealer or family members of those approved persons;
“dealer” means a registered mutual fund dealer that is a member of the Mutual Fund Dealers Association of Canada;
“approved person” has the same meaning as defined in By-Law No. 1 of the Mutual Funds Dealers Association of Canada;
“dealer registration requirement” means the requirement in securities legislation that prohibits a person or company from trading in a security unless that person or company is registered in the appropriate category of registration under securities legislation; and
“securities business” means trading or advising in securities.
Exemption
A corporation is exempt from the dealer registration requirement, in connection with receiving commissions and fees from a dealer, provided that the corporation and the dealer have a written contract under which the dealer is liable for the acts and omissions of the corporation that relate to securities business.