Miller, Christopher and other Advising Representatives of Portfolio Managers applying for registration as Dealing Representatives

Decision

Headnote

Revocation of prior interim decision of Director dated February 26, 2010, In the Matter of National Instrument 31-103 Registration Requirements and Exemptions and Christopher Miller and other Advising Representatives of Portfolio Managers applying for registration as Dealing Representatives -- Circumstances provided for in the interim decision are now addressed in the new paragraphs 3.5(d) and 3.9(e) of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations . Sections 3.5 and 3.9 of NI 31-103 specify proficiency requirements for individuals who act as dealing representatives for mutual fund dealers and exempt market dealers . Individuals may satisfy these proficiency requirements if they meet the proficiency requirements for an advising representative of a portfolio manager set out in section 3.11 of NI 31-103 . Under subsection 16.10(1) of NI 31-103, individuals registered in any jurisdiction of Canada as an advising representative on the day NI 31-103 came into force, and who remain registered in that category, are provided with a transitional exemption from section 3.11 . Interim decision had the effect of recognizing this exemption in determining whether an individual met the proficiency requirements set out in section 3.11 for the purposes of sections 3.5 and 3.9 of NI 31-103.

Applicable Legislative Provisions

National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, ss. 3.5, 3.5(d), 3.9, 3.9(e), 3.11, 15.1, 16.10(1)

Decision Cited

In the Matter of National Instrument 31-103 Registration Requirements and Exemptions and Christopher Miller and other Advising Representatives of Portfolio Managers applying for registration as Dealing Representatives, (2010) 33 OSCB 1771.

September 13, 2011

IN THE MATTER OF

NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS,

EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS

("NI 31-103")

AND

CHRISTOPHER MILLER (the "Lead Filer") AND

OTHER ADVISING REPRESENTATIVES OF PORTFOLIO MANAGERS

APPLYING FOR REGISTRATION AS DEALING REPRESENTATIVES

DECISION

Interpretation

Unless otherwise defined in this decision or the context otherwise requires, terms used in this decision that are defined in NI 31-103 or National Instrument 14-101 Definitions have the same meaning.

Background

1. The Lead Filer applied to the Director, under section 15.1 of NI 31-103, for exemptions for himself and each advising representative of a portfolio manager registered in a jurisdiction of Canada on and since the date NI 31-103 came into force (together with the Lead Filer, the Filers or, individually, a Filer) from sections 3.5 [mutual fund dealer -- dealing representative] and 3.9 [exempt market dealer -- dealing representative] of NI 31-103, subject to certain conditions and restrictions.

2. On February 26, 2010, the Director issued a decision (the Interim Decision) under section 15.1 of NI 31-103, In the Matter of National Instrument 31-103 Registration Requirements and Exemptions and Christopher Miller and other Advising Representatives of Portfolio Managers applying for registration as Dealing Representatives, (2010) 33 OSCB 1771.

3. The Interim Decision provided exemptions from the dealing representative proficiency requirements outlined above for Filers whose sponsoring firms chose to add either of the following additional categories of registration: mutual fund dealer or exempt market dealer.

4. Under the Interim Decision, a Filer was exempted from sections 3.5 [mutual fund dealer -- dealing representative] and 3.9 [exempt market dealer -- dealing representative] of NI 31-103 so long as the Filer was exempt from section 3.11 [portfolio manager -- advising representative] of NI 31-103 in any jurisdiction of Canada due to the application of subsection 16.10(1) [proficiency for dealing and advising representatives] of NI 31-103.

5. The Interim Decision was issued by the Director on the understanding that it would be reconsidered in the course of the NI 31-103 amendments process.

6. Amendments to NI 31-103 were published on April 15, 2011 and came into force on July 11, 2011. As a result of these amendments, the circumstances previously provided for in the Interim Decision are now addressed in paragraphs 3.5(d) and 3.9(e) of NI 31-103.

Decision

The Director is satisfied that it is in the public interest for him to make this decision.

The decision of the Director is that, effective September 16, 2011, the Interim Decision is revoked.

"Erez Blumberger"
Deputy Director, Compliance and Registrant Regulation
Ontario Securities Commission