57-501 - Partial Variation for Cease Trade Orders of Certain Issuers [BCI]

The Executive Director of the British Columbia Securities Commission, having considered it to be in the public interest, orders that the attached BC Instrument 57-501 entitled “Partial Variation for Cease Trade Orders of Certain Issuers” is made.

March 28, 2003

Steve Wilson
Executive Director
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(This part is for administrative purposes only and is not part of the Order)

Authority under which Order is made:
Act and sections:- 171
Other (specify):-

BC Instrument 57-501

Partial Variation for Cease Trade Orders of Certain Issuers
Order under section 171 of theSecurities Act

Defined terms

1. In this Instrument:

“eligible issuer” means a reporting issuer:
(a) that is subject to a cease trade order described in Schedule A,
(b) that is not subject to another cease trade order issued for reasons other than the issuer’s failure to file all required financial records, and
(c) whose securities trade on a market outside of Canada.

“eligible shareholder” means a beneficial owner of securities of an eligible issuer, who is not, and was not at the date of the cease trade order, an insider or control person.

Variation of cease trade orders
2. The cease trade orders described in Schedule A are varied by permitting an eligible shareholder to sell securities of the eligible issuer acquired before the date of the cease trade order, if
(a) the sale is made through an investment dealer registered in British Columbia, and
(b) the sale is made through a market outside of Canada.

Recording requirements
3. An investment dealer must maintain a list of all eligible shareholders who have sold securities through it relying on this exemption, indicating the name of the eligible issuer, the date of the trade, the number of securities sold and the market on which the trade occurred.