Regulator’s Exemptive Relief Orders
Meeting the requirements of an Exemptive Relief Order by setting up Independent Review Committees (IRC).
From time to time, an Investment Fund Manager (“Manager”) may seek exemptive relief from its principal regulator to conduct transactions, otherwise prohibited by securities regulation. The terms of the Exemptive Relief Order will often require that the Manager appoint an independent review committee to oversee those transactions. This type of relief may apply to funds whether or not they are reporting issuers under NI 81-107.
IRI has extensive expertise in setting up IRCs in those circumstances as well as in ensuring that the statutory protections of NI 81-107 available to IRC members are included in the Exemptive Relief Order.
IRI will operationalize the Exemptive Relief Order including optimizing the IRC’s structure, mandate, responsibilities and functions, and crafting the policies and procedures that it will be followed under the Order.
Let us put our roster of over 90 industry experts and senior executives at your disposal to create an optimal IRC conversant with complex transactions and with working within the parameters of an exemptive relief order.
Services offered:
- Full-service secretariat similar to that under our offering for other IRCs
- Sourcing Independent Review Committee members
- Review conflict of interest matters and transaction(s) done on behalf of the Funds in accordance with the Exemptive Relief Order
- Set the IRC’s structure, mandate, responsibilities and functions, and the policies and procedures that it will follow under the Exemptive Relief Order
- Contracts of Service and Indemnity between the IRC and the Manager
- Managing Conflict of Interest Referrals
