MSC Staff Notice 2009-3 NOTICE TO BROKER-DEALERS RESTRICTED TO THE SALE OF MUTUAL FUNDS SALE OF LABOUR SPONSORED INVESTMENT FUNDS On April 25, 2001 the Commission issued MSC Notice 2001-11 (the “Notice”), The Notice imposed special requirements on a broker-dealer restricted to the sale of mutual funds (“mutual fund dealer”) and on its registered salespeople in order to sell Labour Sponsored Investment Funds (“LSIFs”). The Commission has determined that the requirements imposed on mutual fund dealers and salespeople as set out in the Notice are no longer applicable. In addition, the requirements set out in the Notice are not harmonized with requirements imposed by other Canadian securities regulatory authorities and the Mutual Fund Dealers Association of Canada. The Commission is satisfied that the repeal of the Notice is in the public interest and will not negatively impact investors or the market. A mutual fund dealer permitted to trade prospectus qualified mutual funds is now permitted to trade in prospectus qualified LSIFs without amendment to registration and its registered salespeople no longer need to meet additional proficiency requirements specific to LSIFs. MSC Notice 2001-11 is repealed. Mutual fund dealers and salespeople are reminded the general requirements that a registrant understands the product being sold and that the product be suitable to the client, as well as all other regulatory requirements, continue to apply. February 11, 2009 Any questions may be directed to: Douglas R. Brown Director. Legal, Enforcement & Registrations The Manitoba Securities Commission
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