TH E MA N I TO B A SE C UR ITIE S THE SECURITI ES ACT Order No. 6402 C Cir-1 r-1 I SSI O N Section 20(1) and National Instrument 31 -103 September 23, 2011 Registration Requirements and Exemptions Exemption f rom the requ irement to register for international dealers BLANKET ORDER 31 -516 Interpretation Unless otherwise defined in this decision or the context otherwise requires, terms used in this decision that are defined in N I 31-103 Registration Requirements and Exemptions ("NI 31-103") or National Instrument 14-101 Definitions have the same meaning . WHEREAS Background 1. Sections 8.18 of NI 31-103 provides an exemption from the dealer registrat ion requirement . 2. Section 8.18 of NI 31-103 includes provisions that use the defined term "Canadian permitted client" . 3. Since the term "Canadian permitted client" in section 8.18 of NI 31-103 may be more restrictive than intended , it would not be prejudicial to the public interest if in sUbsections 8.18(2) and 8.18(4) the term "Canadian permitted client" reads as "permitted client". The Commission is of the opinion that it would not be prejudicial to the public interest to make the order requested . IT IS ORDERED: 1. THAT under s. 20(1 ) of The Securities Act, R. S.M. 1988, c. S50 , a person is exempt from the dealer registration requirement , if the person relies on the exemption in section 8.18 of NI 31-103, except that in sUbsections 818(2) and 8.18(4) the term "Canadian permitted client" were read as "perm itted client" . 2. THAT this order will come into effect on September 23 , 201 1. BY ORDER OF THE COMMISSION ~)2s
Deputy Director
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