T. Rowe Price Associates, Inc. and T. Rowe Price International Ltd -- s. 80 of the CFA

Headnote

Section 80 of the Commodity Futures Act (Ontario) -- Foreign adviser exempted from the adviser registration requirement in paragraph 22(1)(b) of the CFA where such adviser acts as an adviser in respect of commodity futures contracts or commodity futures options (Contracts) for certain investors in Ontario who meet the definition of "permitted client" in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations -- Contracts are primarily traded on commodity futures exchanges outside of Canada and primarily cleared outside of Canada.

Terms and conditions of exemption correspond to the relevant terms and conditions of the comparable exemption from the adviser registration requirement available to international advisers in respect of securities set out in section 8.26 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations -- Exemption also subject to a "sunset clause" condition.

Applicable Legislative Provisions

Commodity Futures Act, R.S.O. 1990, c. C.20, as am., ss. 1(1), 22(1)(b), and 80.

Securities Act, R.S.O. 1990, c. S.5, as am., s. 25(3).

National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, ss. 1.1 and 8.26.

Ontario Securities Commission Rule 13-502 Fees.

IN THE MATTER OF THE COMMODITY FUTURES ACT, R.S.O. 1990, CHAPTER C. 20, AS AMENDED (the "CFA") AND IN THE MATTER OF T. ROWE PRICE ASSOCIATES, INC. AND T. ROWE PRICE INTERNATIONAL LTD (the "FILERS")

ORDER (Section 80 of the CFA)

UPON the application (the "Application") of T. Rowe Price Associates, Inc. ("TRP Associates") and T. Rowe Price International Ltd ("TRP International") (each a Filer and collectively , the "Filers") to the Ontario Securities Commission (the "Commission") for an order pursuant to section 80 of the CFA (the "Order") that the Filers and any individuals engaging in, or holding themselves out as engaging in, the business of advising others as to trading in Contracts (as defined below) on the Filers' behalf (the "Representatives") be exempt, for a specified period of time, from the adviser registration requirement in paragraph 22(1)(b) of the CFA, subject to certain terms and conditions;

AND UPON considering the Application and the recommendation of staff of the Commission;

AND WHEREAS for the purposes of this Order:

"CFA Adviser Registration Requirement" means the requirement in the CFA that prohibits a person or company from acting as an adviser with respect to trading in Contracts unless the person or company is registered in the appropriate category of registration under the CFA;

"CFTC" means the Commodity Futures Trading Commission of the United States;

"Contract" has the meaning ascribed to that term in subsection 1(1) of the CFA;

"FCA" means the United Kingdom Financial Conduct Authority;

"Foreign Contract" means a Contract that is primarily traded on one or more organized exchanges that are located outside of Canada and primarily cleared through one or more clearing corporations that are located outside of Canada;

"Home Jurisdiction" means the jurisdiction in which a Filer's head office is located;

"International Adviser Exemption" means the exemption from the OSA Adviser Registration Requirement that is set out in section 8.26 of NI 31-103;

"NFA" means the United States National Futures Association;

"NI 31-103" means National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, as amended from time to time;

"OSA" means the Securities Act, R.S.O. 1990, c. S.5, as amended from time to time;

"OSA Adviser Registration Requirement" means the requirement in the OSA that prohibits a person or company from acting as an adviser with respect to investing in, buying or selling securities unless the person or company is registered in the appropriate category of registration under the OSA;

"Permitted Client" means a client in Ontario that is a "permitted client", as that term is defined in section 1.1 of NI 31-103, except that for the purposes of this Order, such definition shall exclude a person or company registered as an adviser or dealer under the securities or derivatives legislation, including commodity futures legislation, of a jurisdiction of Canada as an adviser or dealer;

"SEC" means the Securities and Exchange Commission of the United States;

"specified affiliate" has the meaning ascribed to that term in Form 33-506F6 Firm Registration to Ontario Securities Commission Rule 33-506 (Commodity Futures Act) Registration Information; and

"United States Advisers Act" means the Investment Advisers Act of 1940 of the United States, as amended from time to time.

AND UPON the Filers having represented to the Commission that:

1. TRP Associates was incorporated under the laws of the State of Maryland, United States. The Filer's principal place of business is located in 100 East Pratt Street, Baltimore, Maryland, 21202.

2. TRP Associates provides portfolio management, equities, fixed income, asset allocation, and financial advisory services to clients that are non-individual permitted clients. In Canada, TRP Associates provides these services by advising clients' funds or portfolios, either directly or as delegated sub-adviser of T. Rowe Price (Canada), Inc. (TRP Canada). In addition, TRP Associates acts as sub-adviser to certain pooled funds sponsored by TRP Canada in reliance on the International Adviser Exemption.

3. TRP Canada is registered as an exempt market dealer, portfolio manager and investment manager in Ontario and various jurisdictions across Canada.

4. TRP Associates is currently registered (a) with the SEC as an investment adviser under the United States Advisers Act; (b) registered with the CFTC as a commodity trading advisor and a commodity pool operator; and (c) a member of the NFA.

5. TRP International is a company incorporated under the laws of England and Wales (registered company number 3957748). Its registered and head office is located at 60 Queen Victoria Street London, United Kingdom, EC4N 4TZ.

6. TRP International offers portfolio management and advisory services to institutions, trusts, private funds, charitable organizations, and investment companies to clients that are non-individual permitted clients. In Canada, TRP International provides these services by advising clients' funds or portfolios, either directly or as delegated sub-adviser of TRP Canada in reliance on the International Adviser Exemption.

7. TRP International is (a) authorised and regulated by the FCA to advise on investments, advise on P2P agreements, arrange safeguarding and administration of assets, deal in investments as agent, make arrangements with a view to transactions in investments, and manage investments; (b) registered with the CFTC as a commodity trading advisor; and (c) a member of the NFA.

8. The Filers are affiliated companies as defined in section 1 of the OSA. They are part of T. Rowe Price Group, Inc., a U.S. publicly owned global investment management firm. As of March 31, 2020, T. Rowe Price Group, Inc. has approximately USD $1.0 trillion in assets under management.

9. The Filers are not registered in any capacity under the CFA. The Filers rely on the International Adviser Exemption in the province of Ontario.

10. Certain institutional investors in Ontario that are Permitted Clients seek to engage the Filers as discretionary investment managers for purposes of implementing certain specialized investment strategies.

11. Each of the Filers is registered in a category of registration, or operates under an exemption from registration, under the applicable securities legislation or commodity futures legislation of its Home Jurisdiction, that permits it to carry on the activities in that jurisdiction that registration as an adviser under the CFA in the category of commodity trading manager would permit it to carry on in Ontario.

12. The Filers seek to act as a discretionary commodity trading manager for Canadian Institutional investors that are Permitted Clients. The Filers' proposed advisory services would include the use of specialized investment strategies employing Foreign Contracts.

13. Were the proposed advisory services limited to securities, as defined in subsection 1(1) of the OSA, the Filers would be able to rely on the International Adviser Exemption and carry out such activities for Permitted Clients on a basis that would be exempt from the OSA Adviser Registration Requirement.

14. The Filers are not in default of securities legislation, commodity futures legislation or derivatives legislation in any jurisdiction in Canada. Each Filer is in compliance in all material respects with securities laws, commodity futures laws and derivatives laws of its Home Jurisdiction.

15. Paragraph 22(1)(b) of the CFA prohibits a person or company from acting as an adviser unless the person or company is registered as an adviser under the CFA or is registered as a representative or as a partner or an officer of a registered adviser and is acting on behalf of such registered adviser.

16. By providing the advisory services, the Filers and their representatives will be engaging in, or holding himself, herself or themselves out as engaging in, the business of advising others in respect of Foreign Contracts and, absent the requested relief, would be required to register as an adviser under the CFA.

17. There is currently no exemption from the CFA Adviser Registration Requirement that is equivalent to the International Adviser Exemption. Consequently, in order to advise Permitted Clients in Ontario as to trading in Foreign Contracts, in the absence of this Order the Filers would be required to satisfy the CFA Adviser Registration Requirement by applying for and obtaining registration in Ontario as an adviser under the CFA in the category of commodity trading manager.

18. Each Filer confirms that, to the best of such Filer's knowledge, there are currently no regulatory actions of the type contemplated by the Notice of Regulatory Action attached as Appendix "B" to the Order, except as otherwise disclosed to the Commission, in respect of the Filer or any predecessors or specified affiliates of the Filer.

AND UPON being satisfied that it would not be prejudicial to the public interest for the Commission to make this Order,

IT IS ORDERED, pursuant to Section 80 of the CFA, that each Filer and its Representatives are exempt from the adviser registration requirement in paragraph 22(1)(b) of the CFA in respect of providing advice to Permitted Clients as to the trading of Foreign Contracts provided that, in the case of each Filer:

1. the Filer provides advice to Permitted Clients only as to trading in Foreign Contracts and does not advise any Permitted Clients as to trading in Contracts that are not Foreign Contracts, unless providing such advice is incidental to it providing advice on Foreign Contracts;

2. the Filer's head office or principal place of business remains in its current Home Jurisdiction;

3. the Filer is registered in a category of registration, or operates under an exemption from registration, under the applicable securities or commodity futures legislation of its Home Jurisdiction that permits it to carry on the activities in that jurisdiction that registration under the CFA as an adviser in the category of commodity trading manager would permit it to carry on in Ontario;

4. the Filer continues to engage in the business of an adviser, as defined in the CFA, in its Home Jurisdiction;

5. as at the end of the Filer's most recently completed financial year, not more than 10% of the aggregate consolidated gross revenue of the Filer, its affiliates and its affiliated partnerships (excluding the gross revenue of an affiliate or affiliated partnership of the Filer if the affiliate or affiliated partnership is registered under securities legislation, commodities futures legislation or derivatives legislation of a jurisdiction of Canada) was derived from the portfolio management activities of the Filer, its affiliates and its affiliated partnerships in Canada (which, for greater certainty, includes both securities-related and commodity futures-related activities);

6. before advising a Permitted Client with respect to Foreign Contracts, the Filer notifies the Permitted Client of all of the following:

(a) the Filer is not registered in Ontario to provide the advice described in paragraph 1 of this Order;

(b) the foreign jurisdiction in which the Filer's head office or principal place of business is located (United States or United Kingdom);

(c) all or substantially all of the Filer's assets may be situated outside of Canada;

(d) there may be difficulty enforcing legal rights against the Filer because of the above; and

(e) the name and address of the Filer's agent for service of process in Ontario;

7. the Filer has submitted to the Commission a completed Form 31-103F2 Submission to Jurisdiction and Appointment of Agent for Service in the form attached as Appendix A;

8. the Filer notifies the Commission of any regulatory action initiated after the date of this Order with respect to the Filer or, to the best of the Filer's knowledge after reasonable inquiry, any predecessors or the specified affiliates of the Filer by completing and filing Appendix "B" within 10 days of the commencement of each such action, provided that the Filer may also satisfy this condition by filing with the Commission,

(a) within 10 days of the date of this Order, a notice making reference to and incorporating by reference the disclosure made by the Filer pursuant to federal securities laws of the United States that is identified on the Investment Adviser Public Disclosure website,

(b) promptly, a notification of any Form ADV amendment and/or filing with the SEC that relates to legal and/or regulatory actions; and

9. if the Filer is not subject to the requirement to pay a participation fee in Ontario because it is not registered under the OSA and does not rely on the International Adviser Exemption, by December 31st each year, the Filer pays a participation fee based on its specified Ontario revenues for its previous financial year in compliance with the requirements of Part 3 and section 6.4 of Ontario Securities Commission Rule 13-502 Fees as if the Filer relied on the International Adviser Exemption; and

IT IS FURTHER ORDERED that this Order will terminate on the earliest of:

(a) the expiry of any transition period as may be provided by law, after the effective date of the repeal of the CFA;

(b) six months, or such other transition period as may be provided by law, after the coming into force of any amendment to Ontario commodity futures law (as defined in the CFA) or Ontario securities law (as defined in the OSA) that affects the ability of the Filer to act as an adviser to a Permitted Client; and

(c) five years after the date of this Order.

Dated this 26 of February 2021

APPENDIX "A"

SUBMISSION TO JURISDICTION AND APPOINTMENT OF AGENT FOR SERVICE

INTERNATIONAL DEALER OR INTERNATIONAL ADVISER EXEMPTED FROM REGISTRATION UNDER THE COMMODITY FUTURES ACT, ONTARIO

1. Name of person or company ("International Firm"):

2. If the International Firm was previously assigned an NRD number as a registered firm or an unregistered exempt international firm, provide the NRD number of the firm:

3. Jurisdiction of incorporation of the International Firm:

4. Head office address of the International Firm:

5. The name, e-mail address, phone number and fax number of the International Firm's individual(s) responsible for the supervisory procedure of the International Firm, its chief compliance officer, or equivalent.

6. Name:

E-mail address:

Phone:

Fax:

7. The International Firm is relying on an exemption order under section 38 or section 80 of the Commodity Futures Act (Ontario) that is similar to the following exemption in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (the "Relief Order"):

[ ] Section 8.18 [international dealer]

[ ] Section 8.26 [international adviser]

[ ] Other [specify]:

8. Name of agent for service of process (the "Agent for Service"):

9. Address for service of process on the Agent for Service:

10. The International Firm designates and appoints the Agent for Service at the address stated above as its agent upon whom may be served a notice, pleading, subpoena, summons or other process in any action, investigation or administrative, criminal, quasi-criminal or other proceeding (a "Proceeding") arising out of or relating to or concerning the International Firm's activities in the local jurisdiction and irrevocably waives any right to raise as a defence in any such proceeding any alleged lack of jurisdiction to bring such Proceeding.

11. The International Firm irrevocably and unconditionally submits to the non-exclusive jurisdiction of the judicial, quasi-judicial and administrative tribunals of the local jurisdiction in any Proceeding arising out of or related to or concerning the International Firm's activities in the local jurisdiction.

12. Until 6 years after the International Firm ceases to rely on the Relief Order, the International Firm must submit to the regulator

a. a new Submission to Jurisdiction and Appointment of Agent for Service in this form no later than the 30th day before the date this Submission to Jurisdiction and Appointment of Agent for Service is terminated;

b. an amended Submission to Jurisdiction and Appointment of Agent for Service no later than the 30th day before any change in the name or above address of the Agent for Service and

c. a notice detailing a change to any information submitted in this form, other than the name or above address of the Agent for Service, no later than the 30th day after the change.

13. This Submission to Jurisdiction and Appointment of Agent for Service is governed by and construed in accordance with the laws of the local jurisdiction.

Dated: ____________________

______________________________

(Signature of the International Firm or authorized signatory)

______________________________

(Name of signatory)

______________________________

(Title of signatory)

Acceptance

The undersigned accepts the appointment as Agent for Service of ____________________ [Insert name of International Firm] under the terms and conditions of the foregoing Submission to Jurisdiction and Appointment of Agent for Service.

Dated: ____________________

______________________________

(Signature of the Agent for Service or authorized signatory)

______________________________

(Name of signatory)

______________________________

(Title of signatory)

This form, and notice of a change to any information submitted in this form, is to be submitted through the Ontario Securities Commission's Electronic Filing Portal:

https://www.osc.gov.on.ca/filings

APPENDIX "B"

NOTICE OF REGULATORY ACTION

1. Has the firm, or any predecessors or specified affiliates{1} of the firm entered into a settlement agreement with any financial services regulator, securities or derivatives exchange, SRO or similar agreement with any financial services regulator, securities or derivatives exchange, SRO or similar organization?

Yes _____ No _____

If yes, provide the following information for each settlement agreement:

- - - - - - - - - - - - - - - - - - - -

Name of entity

Regulator/organization

Date of settlement (yyyy/mm/dd)

Details of settlement

Jurisdiction

- - - - - - - - - - - - - - - - - - - -

2. Has any financial services regulator, securities or derivatives exchange, SRO or similar organization:

		Yes	No
(a)	Determined that the firm, or any predecessors or specified affiliates of the firm violated any securities regulations or any rules of a securities or derivatives exchange, SRO or similar organization?	_____	_____
(b)	Determined that the firm, or any predecessors or specified affiliates of the firm made a false statement or omission?	_____	_____
(c)	Issued a warning or requested an undertaking by the firm, or any predecessors or specified affiliates of the firm?	_____	_____
(d)	Suspended or terminated any registration, licensing or membership of the firm, or any predecessors or specified affiliates of the firm?	_____	_____
(e)	Imposed terms or conditions on any registration or membership of the firm, or predecessors or specified affiliates of the firm?	_____	_____
(f)	Conducted a proceeding or investigation involving the firm, or any predecessors or specified affiliates of the firm?	_____	_____
(g)	Issued an order (other than an exemption order) or a sanction to the firm, or any predecessors or specified affiliates of the firm for securities or derivatives-related activity (e.g. cease trade order)?	_____	_____

If yes, provide the following information for each action:

Name of entity
Type of action
Regulator/organization
Date of action (yyyy/mm/dd)	Reason for action
urisdiction

3. Is the firm aware of any ongoing investigation of which the firm or any of its specified affiliates is the subject?

Yes _____ No _____

If yes, provide the following information for each investigation:

- - - - - - - - - - - - - - - - - - - -

Name of entity

Reason or purpose of investigation

Regulator/organization

Date investigation commenced (yyyy/mm/dd)

Jurisdiction

- - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - -

Name of firm:

Name of firm's authorized signing officer or partner

Title of firm's authorized signing officer or partner

Signature

Date (yyyy/mm/dd)

- - - - - - - - - - - - - - - - - - - -

Witness

The witness must be a lawyer, notary public or commissioner of oaths.

- - - - - - - - - - - - - - - - - - - -

Name of witness

Title of witness

Signature

Date (yyyy/mm/dd)

- - - - - - - - - - - - - - - - - - - -

This form is to be submitted through the Ontario Securities Commission's Electronic Filing Portal:

https://www.osc.gov.on.ca/filings

{1} In this Appendix, the term "specified affiliate" has the meaning ascribed to that term in Form 33-109F6 to National Instrument 33-109 Registration Information.