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Bulletin #0196-P

Policy
Requirements for Registrants in Nova Scotia Engaging or Intending to Engage in a Business or Employment Activity Outside That of the Sponsoring Firm

Mutual Fund Dealers Association of Canada
Association canadienne des courtiers de fonds mutuels
121 King Street West, Suite 1000, Toronto, Ontario, M5H 3T9
TEL: 416-361-6332 FAX: 416-361-9781 WEBSITE: www.mfda.ca

Contact: Paige
L.
Ward
BULLETIN #0196 – P
Director of Policy and Regulatory Affairs
June 7, 2006
Phone: 416-943-5838
E-mail: pward@mfda.ca


MFDA Bulletin

Policy

For Distribution to Relevant Parties within your Firm

Requirements for Registrants in Nova Scotia Engaging or Intending to Engage in
a Business or Employment Activity Outside That of the Sponsoring Firm

Nova Scotia Securities Commission (“NSSC”) Staff have issued Notice No. 34-701 “Certain
Duties of Registrants Engaging or Intending to Engage in a Business or Employment Activity
Outside That of the Sponsoring Firm
” (“Notice”) setting forth answers to questions that are
frequently asked by individual registrants who engage or are considering engaging in an
employment or business activity outside that permitted by their registration.

The purpose of the Notice is assist individual registrants and those responsible for discharging
the regulatory duties of sponsoring firms to better understand what is required of them in relation
to certain activities outside their principal business, pursuant to the requirements of the Securities
Act
(Nova Scotia) and the General Securities Rules made under the Act.

The Notice indicates that as part of The Canadian Securities Administrators’ Registration
Reform Project, a proposal for a national registration rule will likely be released by the end of
2006. When implemented, this rule will eliminate or reduce the need for local rules and establish
a more harmonized approach for avoiding client confusion, conflicts of interest and any
detrimental impact on proficiency where an individual registrant is dually employed or engages
in outside business activities. As such, NSSC Staff intend to keep this Notice under review to
determine whether it is still required in whole or in part.

For further information, please refer to the Notice at http://www.gov.ns.ca/nssc/ or contact the
NSSC directly.

(doc#85080)