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First Trust Advisors, L.P. and Mitchell Mohr - Rule 31-505
Headnote
Decision pursuant to section 4.1 of OntarioSecurities Commission Rule 31-505 (the "Rule") exemptingapplicants from the requirement under subsection 1.3(3) of theRule subject to certain terms and conditions.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am.
Rules Cited
Ontario Securities Commission Rule 31-505 (1999)22 O.S.C.B. 731, ss. 1.3(2), ss. 1.3(3), s. 4.1.
Ontario Securities Commission Rule 31-502 (2000)23 O.S.C.B. 5658.
IN THE MATTER OF
THE SECURITIES ACT
R.S.O. 1990, c. S.5, as amended(the "Act")
AND
IN THE MATTER OF
FIRST TRUST ADVISORS, L.P.AND MITCHELL MOHR
DECISION
(Rule 31-505)
UPON the application of First Trust Advisors,L.P. (FTA) and Mitchell Mohr (together, the Applicants)pursuant to section 4.1 of Ontario Securities Commission Rule31-505 - Conditions of Registration (the RegistrationRule) for an exemption from the requirement under subsection1.3(3) of the Registration Rule that Mr. Mohr meet certain proficiencyrequirements under Ontario Securities Commission Rule 31-502- Proficiency Requirements for Registrants (the ProficiencyRule) in order for supervisory functions, other than thesupervisory functions enumerated in subsection 1.3(2) of theRegistration Rule, to be delegated to Mr. Mohr by the designatedcompliance officer of FTA (the Application);
AND UPON considering the Application;
AND UPON the Applicants having representedto the Director that:
1. FTA is registered with the Ontario SecuritiesCommission as a non-Canadian adviser in the categories ofinvestment counsel and portfolio manager.
2. Mr. Mohr has a Bachelor of Business Administrationdegree from Loyola University of Chicago. He received hisCertified Public Accountant designation in 1979. He is registeredin the United States with the National Association of SecuritiesDealers, Inc. as a General Securities Representative (Series7), General Securities Principal (Series 24) and Uniform SecuritiesAgent State Law Exam (Series 63).
3. Mr. Mohr joined FTA in June 2001 as ChiefCompliance Officer. As Chief Compliance Officer at FTA, Mr.Mohr is involved in the development and maintenance of thepolicies and procedures designed to ensure that FTA's activitiesare compliant with applicable legislation.
4. Prior to joining FTA, Mr. Mohr was a principalat Ernst & Young LLP, where he had practiced since 1979.Mr. Mohr gained significant experience in accounting and auditing,including reviewing internal controls and procedures and compliancewith such controls and procedures. His experience was concentratedin the securities industry.
5. Mr. Mohr does not, however, meet the qualificationcriteria in subsection 1.3(3) of the Registration Rule tobe delegated supervisory functions by the designated complianceofficer of FTA.
6. The designated compliance officer of FTAwill not delegate and Mr. Mohr will not assume the supervisoryfunctions enumerated in subsection 1.3(2) of the RegistrationRule.
AND UPON the Director being satisfiedthat to do so would not be prejudicial to the public interest;
NOW THEREFORE, pursuant to section 4.1of the Registration Rule, the Director hereby exempts the Applicantsfrom the requirement of subsection 1.3(3) of the RegistrationRule that Mr. Mohr meet the proficiency requirements of theProficiency Rule in order for Mr. Mohr to be delegated supervisoryfunctions by the designated compliance officer of FTA;
PROVIDED THAT:
(A) This order shall not take effect untilsuch time as Mr. Mohr has completed the New Entrants Examination.
(B) The designated compliance officer ofFTA shall not delegate and Mr. Mohr shall not assume thesupervisory functions enumerated in subsection 1.3(2) ofthe Registration Rule; and
(C) If the proficiency requirements applicableto compliance officer's delegates of registrants in thecategories of investment counsel and portfolio manager areamended, the relief provided for in this Decision will terminateone year following the date such amendment comes into effect,unless the Director determines otherwise.
November 1, 2002.
"David M. Gilkes"