BOR 88/03 - Transitional Rules Respecting Securities Traded Prior to September 1, 1988 Under an Exemption From Section 42 of the Securities Act [Rescinded]
| Published Date: | 1988-08-12 |
|---|---|
| Effective Date: | 1988-09-01 |
| Rescinded Date: | 2000-12-08 |
IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c.83 AND
IN THE MATTER OF TRANSITIONAL RULES RESPECTING SECURITIES TRADED PRIOR TO SEPTEMBER 1, 1988 UNDER AN EXEMPTION FROM SECTION 42 OF THE SECURITIES ACT
ORDER UNDER SECTION 181.1 OF THE SECURITIES REGULATION AND VARIATION ORDER UNDER SECTION 153 OF THE SECURITIES ACT
WHEREAS effective September 1, 1988
a) the Exchange Issuer First Trades Regulation, B.C. Reg. 285/86 (the "EIFTR"), is repealed,
b) Part 8 (the "Old Part 8") of the Securities Regulation, B.C. Reg. 270/86 (the "Regulation"), is repealed, and
c) a new Part 8 (the "New Part 8") of the Regulation is substituted for the EIFTR and the Old Part 8;
AND WHEREAS the rules contained in the EIFTR and Old Part 8 (the "Old Resale Rules") respecting the -resale of a security acquired under an exemption from section 42 of the Securities Act, S.B.C. 1985 c.83 (the "Act"), are different from the resale rules contained in the New Part 8 (the "New Resale Rules");
AND WHEREAS it is desirable to have transitional rules respecting the resale of securities traded prior to September 1, 1988 under an exemption from section 42 of the Act;
IT IS ORDERED by the British Columbia Securities Commission under section 181.1 of the Regulation that, effective September 1, 1988:
1. where a trade of a security was completed prior to September 1, 1988 under section 55 or 58 of the Act, the security shall be subject, at the option of the purchaser, to either:
(a) the Old Resale Rules that would have been applicable to that security had the EIFTR and Old Part 8 not been repealed, except as those rules may be varied by paragraph 4 of this order; or
(b) the New Resale Rules applicable to that security;
2. where a trade of a security was completed prior to September 1, 1988 under section 122(a) to (d) of Old Part 8, the security shall be subject to the Old Resale Rules that would have been applicable to that security had the EIFTR and the Old Part 8 not been repealed, except as those rules may be varied by paragraph 4 of this order;
3. where a trade of a security was completed prior to September 1, 1988 under section 122(e) of the Old Part 8, the security shall be subject to the New Resale Rules applicable to a security traded under section 117(f) of the New Part 8; and
4. where the Old Resale Rules impose a hold period that is longer than 12 months, that hold period shall be reduced to 12 months.
IT IS ORDERED by the Superintendent of Brokers (the "Superintendent") under section 153 of the Act that, effective September 1, 1988:
1. where a trade of a security was completed prior to September 1, 1988 under a blanket order issued by the Superintendent under section 59 of the Act and revoked effective September 1, 1988 (a "BOR"), the security shall be subject to the resale rules set out in the BOR that would have been applicable to that security had the BOR not been revoked, except as those rules may be varied by paragraph 3 of this order;
2. where a security was traded under an order issued under section 59 of the Act in respect of an application received by the Superintendent prior to September 1, 1988 (a "Section 59 order"), the security shall be subject to the resale rules set out in the Section 59 Order, except as those rules may be varied by paragraph 3 of this order; and
3. where a BOR or a Section 59 order imposes a hold period that is longer than 12 months, that hold period shall be reduced to 12 months.
DATED at Vancouver, British Columbia, this 12th day of August, 1988.
Doug Hyndman Neil de Gelder
Chairman Superintendent of Brokers
British Columbia Securities Commission
REF: BOR#88/4