Exemption Orders (Discretionary)
THE PROVINCE OF MANITOBA
2001 BCSECCOM 880
Headnote
Mutual Reliance Review System for Exemptive Relief Applications – An issuer deemed to cease to be a reporting issuer subject to certain conditions.
Applicable British Columbia Provisions
Securities Act, R.S.B.C. 1996, c. 418, s. 88
IN THE MATTER OF THE SECURITIES LEGISLATION OF ALBERTA AND BRITISH COLUMBIA
AND
IN THE MATTER OF THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF THE PROVINCE OF MANITOBA
MRRS DECISION DOCUMENT
1. WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of Alberta and British Columbia (the "Jurisdictions") has received an application from The Province of Manitoba (the “ Filer”) for a decision pursuant to the securities legislation of each of Jurisdictions (the "Legislation") that the Filer be deemed to have ceased to be a reporting issuer under the Legislation;
2. AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the “System”) the Alberta Securities Commission is the principal regulator for this application;
3. AND WHEREAS the Filer has represented to the Decision Makers that:
3.1 the Filer is a provincial government in Canada;
3.2 the Filer’s principal executive offices are located in Winnipeg, Manitoba;
3.3 the Filer has issued certain savings bonds (“Builder Bonds”) on an ongoing basis which Builder Bonds are fully guaranteed by the Filer as to principal and interest;
3.4 effective November 27, 2000, the Canadian Venture Exchange Inc. (“CDNX”) acquired the assets of the Winnipeg Stock Exchange (“WSE”) and certain securities previously listed on the WSE were transferred to CDNX, including the Builder Bonds;
3.5 prior to the Winnipeg Stock Exchange (“WSE”) ceasing operations, the “Builder Bonds” were listed on the WSE;
3.6 upon the listing of the Builder Bonds on CDNX on November 27, 2000, the Filer became a reporting issuer under the Legislation;
3.7 the Filer is not and has never been subject to the continuous disclosure requirements of the securities legislation of Manitoba;
3.8 the Filer makes financial information available through various provincial government publications;
3.9 the Filer files an annual report with the United States Securities & Exchange Commission, which provides financial information on the Filer (“Form 18 K”);
3.10 the Builder Bonds are available and transferable only to residents of Manitoba;
4. AND WHEREAS under the System, this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the “Decision”);
5. AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;
6. THE DECISION of the Decision Makers under the Legislation is that the Filer is deemed to have ceased to be a reporting issuer under the Legislation, provided that this Decision ceases to be effective on the earlier of November 27, 2002 and a new listing of the Filer’s savings bonds or government debt on the CDNX.
DATED this 17th day of August, 2001.
Patricia M. Johnston, Director
Legal Services & Policy Development