Exemption pursuant to section 4.1 of OSC Rule 31-502 Proficiency Requirements for Registrants from requirements in subsection 3.3(4) whereby the designated registered representative, partner or officer shall be employed at the same location as the associate representative, partner or associate officer whose advice must be approved.
Ontario Securities Commission Rule 31-502 Proficiency Requirements for Registrants.
January 26, 2009
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
IN THE MATTER OF
BMO HARRIS PRIVATE BANKING INVESTMENT
(Subsection 3.3(4) of
Ontario SecuritiesCommission Rule 31-502
Proficiency Requirements for Registrants)
UPON the Director having received the application of BMO Harris Private Banking Investment Management Inc. (the Applicant) for a decision pursuant to section 4.1 of Ontario Securities Commission Rule 31-502 Proficiency Requirements for Registrants (Rule 31-502) granting the Applicant relief from the provision in subsection 3.3(4) of Rule 31-502 requiring an associate advising representative to be supervised by an advising officer, partner or representative who is employed at the same location as the associate advising representative;
AND UPON considering the application and the recommendation of the staff of the Ontario Securities Commission (the Commission);
AND UPON the Applicant having represented to the Director as follows:
1. The Applicant is registered under the Act in the categories of investment counsel and portfolio manager. The Applicant's head office is located in Toronto. The Applicant has branches in numerous cities, including the following in Ontario: London, Kingston, Peterborough and Ottawa. On or about January 30, 2009, the Applicant expects to open a branch in North York, Ontario (the New Branch).
2. Kevin Muir is registered as an associate advising representative with the Applicant. Mr. Muir is currently employed with the Applicant at its Toronto branch, where he is supervised by Richard Mason, a fully registered advising representative. However, the Applicant would like to transfer Mr. Muir to the New Branch.
3. The Applicant will have no registered advising officers or representatives located in the New Branch, and proposes that Mr. Muir continue to be supervised by Mr. Mason.
4. Staff of the Commission have reviewed the registration status of Mr. Mason and Mr. Muir and have confirmed that both are in good standing with the Ontario Securities Commission.
5. Rule 31-502 requires that the registered advising officer, partner or representative be employed at the same location as the associate advising representative, partner or officer whose advice must be approved (the requirement for supervision from the same location).
6. The Applicant has provided a description of its policies and procedures which combine the use of modern technology and frequent in-person visits to facilitate adequate supervision of Mr. Muir despite the physical distance between the primary working locations of Mr. Muir and Mr. Mason.
AND UPON the Director being satisfied that to do so would not be prejudicial to the public interest;
IT IS THE DECISION of the Director, pursuant to section 4.1 of Rule 31-502 that the Applicant is granted an exemption from the requirement for supervision from the same location for so long as:
A. The Applicant continues to be registered in the category of investment counsel and portfolio manager in the province of Ontario; and
B. Mr. Muir continues to be employed by the Applicant.