BOR 96/11 - Further Transitional Relief Relating to Transactions Between a Mutual Fund and its Responsible Persons [Rescinded]

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

AND

IN THE MATTER OF FURTHER TRANSITIONAL RELIEF RELATING TO TRANSACTIONS BETWEEN A MUTUAL FUND AND ITS RESPONSIBLE PERSONS

Order Under Section 113(b) of the Securities Act

WHEREAS effective January 1, 1996, section 110.1 of the Securities Act, S.B.C. 1985, c. 83 (the "Act") includes new requirements applicable to related party transactions of mutual funds and their responsible persons;

AND WHEREAS BOR#95/8 and BOR#96/6 provided transitional relief to allow market participants a period of time to adjust to these new requirements;

AND WHEREAS the Commission has issued BOR#95/13 providing relief from section 110.1(1)(b) for transactions involving certain debt securities;

AND WHEREAS the Commission has received comments on the pricing requirements set out in BOR#95/13;

AND WHEREAS the Commission has determined that it would be appropriate to extend the relief in BOR#95/8 and BOR#96/6 for an additional three months to consider further the comments received on the pricing requirements;

AND WHEREAS the Commission considers that to do so would not be prejudicial to the public interest;

IT IS ORDERED under section 113(b) of the Act that section 110.1 of the Act does not apply to a related party transaction between a mutual fund and its responsible persons, provided the transaction is entered into before September 1, 1996.

DATED at Vancouver, British Columbia, on May 29, 1996.

Douglas M. Hyndman
Chair

REF: BOR#95/8
BOR#95/13
BOR#96/6