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Bulletin #0277-P

Policy
Commingling Prohibitions of Part 11 of National Instrument NI 81-102 – Mutual Funds (“NI 81-102”): Blanket Relief Issued by Various Securities Commissions

Contact:
Aamir Mirza
BULLETIN #0277 – P

Senior Legal & Policy Counsel
(Revised and Reissued)
Phone:
(416)
945-5128
September 7, 2007
E-mail:
amirza@mfda.ca

MFDA Bulletin
Policy
For Distribution to Relevant Parties within your Firm

Commingling Prohibitions of Part 11 of National Instrument NI 81-102 – Mutual
Funds
(“NI 81-102”): Blanket Relief Issued by Various Securities Commissions

Background

On July 14, 2006, the MFDA issued Bulletin #0208-P – Exemptive Relief from MFDA Rule
3.3.2(e) (Commingling Prohibition)
, which advised Members that the Regulatory Issues
Committee of the MFDA Board of Directors had granted exemptive relief from MFDA Rule
3.3.2(e) to all MFDA Members that are Level 3 and 4 Dealers. As a condition of relying on the
MFDA relief, MFDA Members are required to obtain relief from the relevant Canadian
securities regulatory authorities from the applicable provisions of Part 11 of National Instrument
81-102 – Mutual Funds (“NI 81-102”).

Securities Commissions that Have Issued Blanket/General Ruling Orders

The Alberta Securities Commission (“ASC”), the New Brunswick Securities Commission
(“NBSC”), the Nova Scotia Securities Commission (“NSSC”) and the Saskatchewan Financial
Services Commission (“SFSC”) have all recently released Blanket/General Ruling Orders that
provide (upon certain conditions being met) an exemption from the commingling prohibitions of
NI 81-102 to Eligible MFDA Members (MFDA Members that are Level 3 and 4 Dealers) that
are registered as mutual fund dealers under the Securities Act of each jurisdiction.

See, ASC Blanket Order (NI 81-102) 2007 ABASC 209 – Certain MFDA Members:
Commingling of Funds; NBSC Blanket Order 81-503 – Allowing Select MFDA Members to
Commingle Funds; NSSC Blanket Order 81-502 – Certain MFDA Members, Commingling of
Funds; and SFSC General Ruling/Order 81-902 – Certain MFDA Members: Commingling of
Funds.

To the extent that exemptive relief from the commingling prohibitions of NI 81-102 is required
in jurisdictions that have not issued blanket relief orders, Members are reminded that they will
have to apply to these jurisdictions on an individual basis.

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Further Information

To view the text of each Blanket/General Ruling Order, please go to the websites of the
respective securities commissions at:

http://www.albertasecurities.com/?currentPage=102&cmsSupressBody=1&newsID=7334
http://www.nbsc-cvmnb.ca/nbsc/uploaded_topic_files/81-503-BO-25-Jun-07-e.pdf
http://www.gov.ns.ca/nssc/docs/bo81-502.pdf
http://www.sfsc.gov.sk.ca/ssc/files/gro/81-902-aug9-07.pdf

DM#119254
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