45-517 - Transitional Resale Relief for certain Securities of SHAIF Issuers [BCI - Rescinded]
| Published Date: | 2001-11-23 |
|---|---|
| Effective Date: | 2001-11-30 |
| Rescinded Date: | 2002-11-30 |
BRITISH COLUMBIA SECURITIES COMMISSION
BC INSTRUMENT 45-517
The Commission, having considered that to do so would not be prejudicial to the public interest, orders that effective November 30, 2001:
1. the attached BC Instrument 45-517 entitled "Transitional Resale Relief for certain Securities of SHAIF Issuers" is made.
November 23, 2001
Douglas M. Hyndman
Chair
(This part for administrative purposes only and is not part of the Order)
Authority under which Order is made:
Act and sections:- Securities Act, section 76
Other (specify):-
BC INSTRUMENT 45-517
Transitional Resale Relief for certain Securities of SHAIF Issuers
Order under Section 76 of the Securities Act
Definitions
In this Instrument:
"BCI 45-506" means BC Instrument 45-506 In the Matter of the System for Shorter Holds Periods with an Annual Information Form.
Interpretation
Unless the context otherwise requires, terms defined in the Act or the Securities Rules have the same meaning in this Instrument.
Underlying security, convertible security, exchangeable security and multiple convertible security have the same meaning as in Multilateral Instrument 45-102 Resale of Securities.
Order
1. Any trade of an underlying security distributed under section 74(2)(11)(iii) of the Act by an issuer that, before November 30, 2001, had issued convertible securities, exchangeable securities or multiple convertible securities and was a qualifying issuer under BCI 45-506 is exempt from section 61 of the Act if:
(a) at least four months have elapsed from the date of issue of the convertible security, exchangeable security or multiple convertible security;
(b) the issuer has complied with conditions 3(a) and (b) in BCI 45-506 and Local Policy Statement 3-27 System for Shorter Hold Periods with an Annual Information Form and Exemption for Certain Distributions Outside British Columbia;
(c) the trade is not a control distribution;
(d) no unusual effort is made to prepare the market or to create a demand for the securities that are the subject of the trade;
(e) no extraordinary commission or consideration is paid to a person or company in respect of the trade; and
(f) if the selling securityholder is an insider or officer of the issuer, the selling securityholder has no reasonable grounds to believe that the issuer is in default of the Act or Rules.
2. This instrument will expire on November 30, 2002.