Exemption Orders (Discretionary)
THE MANITOBA HYDRO-ELECTRIC BOARD
2001 BCSECCOM 876
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 MANITOBA HYDRO-ELECTRIC BOARD
MRRS DECISION DOCUMENT
1. WHEREAS the securities regulatory authority or regulator (the "Decision Maker") in each of Alberta and British Columbia (the "Jurisdictions") has received an application from The Manitoba Hydro-Electric Board (the “ Filer”) for a decision pursuant to the securities legislation of each of the 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 Crown corporation that operates under The Manitoba Hydro Act (Manitoba) and is an agent of the Crown in right of the Province of Manitoba;
3.2 the Filer’s principal executive offices are located in, Winnipeg, Manitoba;
3.3 certain savings bonds (“Hydro Bonds”) have been issued by the Filer on an annual basis in the name of the Filer or the Province of Manitoba and are guaranteed by the Province of Manitoba as to the principal and interest;
3.4 the Filer does not issue voting securities;
3.5 effective November 27, 2000, the Canadian Venture exchange Inc. (“CDNX”) acquired the assets of the Winnipeg Stock Exchange (“WSE”) and certain securities listed on the WSE were transferred to CDNX, including the Hydro Bonds
3.6 upon the listing of the Hydro Bonds on the 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 continuos disclosure requirements of the securities legislation of Manitoba;
3.8 the Province of Manitoba makes financial information available with respect to the Filer through various provincial government publications;
3.9 the Filer files an annual report with the United States Securities & Exchange Commission (“Form 18 K”), which provides financial information on the Filer;
3.10 the Hydro Bonds are available and transferable only to Manitoba residents.
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 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 debt on the CDNX.
DATED this 17th day of August, 2001.
Patricia M. Johnston, Director
Legal Services & Policy Development