31-517 (Blanket Order) - Dispute Resolution Services Exemption in Section 13.16 of NI 31-103

Securities Act
R.S.P.E.I. 1988, Cap.-S-3.1

Document Type: Blanket Order
Document No.: 31-517
Subject: Exemption from the Requirement to Provide Dispute Resolution Services Prescribed by Section 13.16 of NI 31-103
Effective Date: July 5, 2012

Blanket Order 31-517

Exemption from the Requirement to Provide Dispute Resolution Services Prescribed by Section 13.16 of NI 31-103

Part 1 Definitions

1.1  Terms defined in the Securities Act, 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.

Part 2 Background

2.1  Section 13.16 of NI 31-103, provides that a registered firm must ensure independent dispute resolution or mediation services are made available, at the firm’s expense, to a client to resolve a complaint made the client about any trading or advising activity of the firm or one of its representatives and must inform the client as soon as possible of how to contact and use the dispute resolution or mediation services which are provided to the firm’s clients.

2.2  Section 16.16 of NI 31-103, provides temporary relief from the application of section 13.16 of NI 31-103 until September 28, 2012 to persons or companies registered in a jurisdiction of Canada on the date NI 31-103 came into force.

2.3  The Superintendent is currently reviewing with the Canadian Securities Administrators the dispute resolution provisions in section 13.16 of NI 31-103 and is extending the transition period that is available in section 16.16 of NI 31-103.

Part 3 Order

3.1  Section 13.16 of NI 31-103 does not apply to a person or company that was a registered firm in a jurisdiction of Canada on September 28, 2009.

Part 4 Effective Date

4.1  This Order will come into effect on September 28, 2012 and expires on the earlier of:

(a)  September 28, 2014; or

(b)  the coming into effect of revisions to section 13.16 of NI 31-103.

Dated at Charlottetown, Prince Edward Island, this 5th day of July, 2012.