The Filers, Mandeville Private Client Inc. and Mandeville Wealth Services Inc., applied to the Ontario Securities Commission for exemptive relief under section 9.1 of National Instrument 81-105 (Mutual Fund Sales Practices).
They sought an exemption from subsection 7.1(3) to allow their representatives to pay commission rebates to clients who redeem mutual fund securities to purchase securities of affiliated Portland Mutual Funds.
The Commission granted the exemption, subject to conditions ensuring that commission rebates are not conditional on purchasing affiliated funds and that clients receive proper disclosure.
