EXEMPTION FROM RESTRICTION ON BEING A PARTNER IN A PARTNERSHIP

Document Properties

  • Publication Type: Transaction Instructions
  • Revised: April 2009
  • Index DA No: 11
  • Category: Deemed Approval

Legislative Authorities

Information Requirements

The applicant is generally expected to provide:

  1. details of proposed partnership agreement;

  2. the business rationale for becoming a general partner in a limited partnership or a partner in a general partnership;

  3. a detailed description of proposed activities of partnership and the role of the Federally Regulated Entity (FRE) in the partnership; and

  4. potential liabilities to which the FRE may be exposed.

Administrative Guidance

To date there have been no applications for exemptions under any of the legislative authorities.

The information requirements and administrative guidance are intended to satisfy typical applications. They have been derived from OSFI’s experience in assessing applications. Applicants who provide all information and material requested can generally expect a more timely assessment of their applications. As appropriate to the circumstances, OSFI may request additional information, take into account other matters, impose terms and conditions, or require undertakings.