Fédération des Caisses Desjardins du Québec

Decision

IN THE MATTER OF

MULTILATERAL INSTRUMENT 32-102

REGISTRATION EXEMPTIONS FOR NON-RESIDENT INVESTMENT FUND MANAGERS

AND COMPANION POLICY 32-102CP

REGISTRATION EXEMPTIONS FOR NON-RESIDENT INVESTMENT FUND MANAGERS

AND

FÉDÉRATION DES CAISSES DESJARDINS DU QUÉBEC

(THE LEAD FILER) AND PERSONS OR COMPANIES ACTING AS AN INVESTMENT FUND MANAGER

IN ONTARIO AND REGISTERED AS AN INVESTMENT FUND MANAGER IN THE JURISDICTION

OF CANADA IN WHICH THEIR HEAD OFFICE IS LOCATED AT THE DATE OF THIS DECISION

DECISION

Interpretation

1. Terms defined in the Securities Act (Ontario), National Instrument 14-101 Definitions, or National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) have the same meaning in this order.

Background

2. Section 16.5 of NI 31-103 provides a temporary exemption from the investment fund manager registration requirement for investment fund managers registered in the jurisdiction of Canada in which their head office is located.

3. This temporary exemption expires on September 28, 2012.

4. On July 5, 2012, the Ontario Securities Commission will publish for adoption (effective September 28, 2012), subject to Ministry of Finance approval, Multilateral Instrument 32-102 Registration Exemptions for Non-Resident Investment Fund Managers (MI 32-102) and Companion Policy 32-102 Registration Exemptions for Non-Resident Investment Fund Managers, relating to the investment fund manager registration requirement.

5. The Ontario Securities Commission is extending this temporary exemption so that investment fund managers registered in the jurisdiction of Canada in which their head office is located who are required to become registered in the category of investment fund manager under MI 32-102 will have until December 31, 2012 to apply for registration.

Application

6. The Lead Filer has applied to the Commission, under subsection 74(1) of the Securities Act (Ontario) (the "Act"), to extend the transitional relief from the requirement to register as an investment fund manager under subsection 25(4) of the Act to December 31, 2012 (the "Requested Relief"), for itself and each person or company acting as an investment fund manager in Ontario and registered as an investment fund manager in the jurisdiction of Canada in which its head office is located as of the date of this decision under section 16.5 of NI 31-103, subject to the terms and conditions set out in this decision.

7. The Lead Filer represents that if it were required to comply with section 16.5 of NI 31-103 in its current form and become registered as an investment fund manager in Ontario by September 28, 2012, it would not have sufficient time to do so.

Decision

8. The Commission is satisfied that it would not be prejudicial to the public interest for it to grant the Requested Relief.

9. A person or company that is acting as an investment fund manager in Ontario and is registered as an investment fund manager in the jurisdiction of Canada in which its head office is located is not required to register as an investment fund manager in Ontario:

a. until December 31, 2012, or

b. if the person or company applies for registration as an investment fund manager by December 31, 2012, until the regulator has accepted or refused the registration.

10. This order comes into effect on September 28, 2012.

Dated this 19th day of June, 2012.

"Christopher Portner"
Commissioner
Ontario Securities Commission
 
"James D. Carnwath"
Commissioner
Ontario Securities Commission