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The notice was released in response to enquiries regarding the
"flow-through" theory for adviser registration,
which, as announced in July 2009, has been discontinued in
respect of the adviser registration requirement under
NI 31-103. Under the discontinued theory, OSC staff had
taken the view that advice to an investment fund "flowed
through" to the investors in the fund and thus required the
adviser to the fund to register as an adviser in Ontario, or be
exempted from such registration, if any units of the fund were sold
in the province. Under NI 31-103, however, the adviser to a fund
must register as a portfolio manager in the jurisdiction where the
fund is established, regardless of where the fund's investors
are located.
Ultimately, yesterday's notice confirms that OSC staff
take the same view regarding the elimination of
"flow-through" theory under the Commodity Futures Act and
the requirement to register as with NI 31-103.
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