Specifically, the OSC, Quebec's Autorité des
marchés financiers and Newfoundland and Labrador's
Financial Services Regulation Division, Service NL announced the implementation of Multilateral
Instrument 32-102Registration Exemptions for Non-Resident
Investment Fund Managers, which provides an exemption from the
investment fund manager registration requirement where an
IFM does not have a place of business in the local
jurisdiction and if either (i) none of the investment funds has
security holders resident in the local jurisdiction; or (ii) the
IFM and those investment funds have not, at any time after
September 27, 2012, actively solicited residents in the local
jurisdiction to purchase securities of the fund.
The MP 31-202 jurisdictions noted that many of the comments
received in response to an earlier version of
MP 31-202 agreed that a registration trigger based
on the functions and activities of investment fund managers was
preferable to one based on the presence of security holders or
solicitation of investors. Notably, New Brunswick, which had
previously been a party to MI 32-102 along with Ontario,
Quebec and Newfoundland and Labrador, has now switched sides
to join the majority of the jurisdictions.
we described our February post, both camps proposed
earlier versions of their multilateral instruments/policies earlier
this year. Assuming ministerial approvals, the new and amended
instruments and policies will now come into effect
on September 28, 2012.
The CSA also announced that they are reviewing the dispute
resolution provisions in NI 31-103 and may publish proposed
amendments in the future. In the meantime, the CSA are
extending the exemption from the requirement to provide dispute
resolution services until the earlier of September 28, 2014 or the
coming into effect of amendments to the dispute resolution
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