BOR 89/02 - The Requirement to Send Interim Financial Statements to Shareholders of a Reporting Issuer [Rescinded]
| Published Date: | 1989-03-17 |
|---|---|
| Effective Date: | 1988-03-01 |
| Rescinded Date: | 1996-03-14 |
IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c.83 AND
IN THE MATTER OF THE REQUIREMENT TO SEND INTERIM FINANCIAL STATEMENTS TO SHAREHOLDERS OF A REPORTING ISSUER
Exemption Order under Section 143(1)(b) of the Regulation
WHEREAS under section 141 of the Securities Regulation, B.C. Reg. 270/86 (the "Regulation"), a reporting issuer who is required to file an interim financial statement under section 135 of the Regulation is required to concurrently send it to each holder of its securities, other than holders of debt instruments, whose latest address as shown on the books of the reporting issuer is in British Columbia;
AND WHEREAS the British Columbia Securities Commission (the "Commission") has adopted National Policy Statement No. 41 (the "Policy") which requires a reporting issuer to send its interim financial statements to each non-registered holder of its securities who requests them;
AND WHEREAS the Policy contemplates that, where an exemption from section 141 of the Regulation is provided, a reporting issuer may elect to send its interim financial statements only to those registered holders of its securities who request them;
AND WHEREAS under section 143(1)(b) of the Regulation the Commission may on its own motion make an order exempting a class of reporting issuers from a specific requirement of Part 10 of the Regulation;
AND WHEREAS the Commission considers it is not harmful to the public interest and is satisfied that, in the circumstances, there is adequate justification to do so;
IT IS ORDERED under section 143(1)(b) of the Regulation, effective March 1, 1988, that a reporting issuer is exempt from section 141 of the Regulation in respect of an interim financial statement filed under section 135 of the Regulation on the condition that:
(a) the reporting issuer complies with all the requirements of the Policy respecting interim financial statements, provided that:
(i) if the reporting issuer has not sent its annual financial statements to each registered holder of its securities since becoming subject to the Policy, the reporting issuer has sent a return card to each registered holder of its securities and, in accordance with the search and bulk delivery procedures set out in the Policy, to each non-registered holder of its securities; or
(ii) if the reporting issuer does not hold an annual meeting, the reporting issuer has sent a return card to each registered holder of its securities with its most recent annual financial statements prepared in accordance with section 136 of the Regulation; and
(b) the reporting issuer concurrently files written confirmation that it has sent the interim financial statement to each registered and non-registered holder of its securities on the supplemental mailing list maintained in accordance with the Policy.
DATED at Vancouver, British Columbia, this 17th day of March, 1989.
Douglas M. Hyndman
Chairman