Securities Law & Instruments

Notice of Minister of Finance Approval of Final Rule Under the Securities Act and Amendment to Regulation 1015 made under the Securities Act - Rule 35-502 - Non -Resident Advisers


NOTICE OF MINISTER OF FINANCE APPROVAL OF FINAL RULE UNDER THE SECURITIES ACT AND NOTICE OF AMENDMENT TO REGULATION 1015 OF THE REVISED REGULATIONS OF ONTARIO, 1990 MADE UNDER THE SECURITIES ACT IN CONNECTION WITH OSC RULE 35-502

The Minister of Finance approved Rule 35-502 Non-Resident Advisers (the "Rule") on November 3, 2000. Previously, materials related to the Rule were published in the Bulletin on October 2, 1998, and June 23rd, 2000. The Commission adopted the Rule on September 12, 2000, and the Rule was published in final form on September 22, 2000. The Rule came into force on November 18, 2000.

The version of the Rule delivered to the Minister and published here differs immaterially from the version of the Rule published previously. The two changes were made during final proofreading of the Rule. These two immaterial changes are indicated in footnotes in Part 5 of the Bulletin where the final Rule is being published. These footnotes are solely for the purposes of identifying the changes and should not be interpreted as being part of the final Rule.

The Minister of Finance has also approved a regulation to amend Regulation 1015 of the Revised Regulations of Ontario, 1990 made under the Securities Act (the "Regulation") in connection with the Rule, which was filed as O. Reg. 601/00 on November 16, 2000, and will be published in the Ontario Gazette on December 2, 2000. The amendment to the Regulation came into force at the time that the Rule came into force on November 18, 2000.

The Rule and related regulation are published in Chapter 5 of the OSC Bulletin.

 

Regulation To Amend
Regulation 1015 Of The Revised Regulations Of Ontario, 1990
Made Under The
Securities Act

Note: Since the end of 1999, Regulation 1015 has been amended by Ontario Regulations 3/00, 108/00, 133/00, 222/00, 342/00 and 468/00. Previous amendments are listed in the Table of Regulations published in The Ontario Gazette dated January 22, 2000.

1. Section 99 of Regulation 1015 of the Revised Regulations of Ontario, 1990 is amended by
adding the following paragraph:

5.International advisers (investment counsel, portfolio managers or securities advisors), being persons or companies that have registered under the Act in reliance on Ontario Securities Commission Rule 35-502 Non-Resident Advisers and that are,

i.investment counsel,

ii.investment counsel and portfolio managers, or

iii.securities advisers.

2. Section 101 of the Regulation is amended by adding the following subsections:

(3) Subject to subsection (4), this Part does not apply to an international adviser (investment counsel, portfolio manager or securities adviser) except as provided in Ontario Securities Commission Rule 35-502 Non-Resident Advisers.

(4) Section 99 applies to an international adviser (investment counsel, portfolio manager or securities adviser).

3. This Regulation comes into force on the day that the rule made by the Ontario Securities Commission on September 12, 2000 entitled "Ontario Securities Commission Rule 35-502 Non-Resident Advisers" comes into force.

Ontario Securities Commission:


Vice Chair
John A. Geller


Commissioner
Howard I. Wetston

Dated on "September 12, 2000".

Note: The rule made by the Ontario Securities Commission on September 12, 2000 entitled "Ontario Securities Commission Rule 35-502 Non-Resident Advisers" comes into force on "November 18, 2000.