BOR 88/06 - The Filing Of Insider Reports By Control Persons [Rescinded]

IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c.83 AND

IN THE MATTER OF THE FILING OF INSIDER REPORTS BY CONTROL PERSONS

EXEMPTION ORDER UNDER SECTION 152.2 OF THE SECURITIES REGULATION

WHEREAS effective September 1, 1988, section 130 of the Securities Regulation, B.C. Reg. 270/86 (the "Regulation"), provides that a person who distributes a security under section 117(c) or (d) of the Regulation shall file a report in the required form not later than 3 days after the distribution;

AND WHEREAS section 70(4) of the Securities Act, S.B.C. 1985, c.83 (the "Act"), requires that an insider report in the required form be filed within 10 days after the end of the month in which a change takes place in the direct or indirect beneficial ownership of, or control or direction over, securities of a reporting issuer from that shown or required to be shown in the latest report: filed by a person who has filed or is required to file an insider report in the required form under section 70(2) of the Act;

AND WHEREAS in NIN#88/24, the Superintendent of Brokers prescribes Form 37 as the report required to be filed under section 130 of the Regulation and Form 37 is the insider report required to be filed under section 70(4) of the Act;

AND WHEREAS it is not necessary for the same report to be filed twice where the facts required to be reported under section 130 of the Regulation are identical to those required to be reported under section 70(4) of the Act;

AND WHEREAS section 152.2 of the Regulation provides that the Commission may on its own motion make an order exempting, in whole or in part, a class of persons from the filing requirements of section 70 of the Act;

AND WHEREAS the Commission is satisfied in the circumstances of the particular case that there is adequate justification for so doing and to so order would not be prejudicial to the public interest;

IT IS ORDERED under section 152.2 of the Regulation that, effective September 1, 1988, a person who files a report under section 130 of the Regulation is exempt from the filing requirements of section 70 of the Act where the facts required to be reported under section 70 are identical to those reported under section 130 of the Regulation. 

DATED at Vancouver, British Columbia, this 12th day of August, 1988.

Doug Hyndman
Chairman
British Columbia Securities Commission

REF: NIN#88/24