BOR 95/22 - Transitional Relief From Recognized Resale Requirements Relating to Securities of Issuers That Filed an Application for Listing With the Vancouver Stock Exchange [Rescinded]

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

AND

IN THE MATTER OF TRANSITIONAL RELIEF FROM RECOGNIZED RESALE REQUIREMENTS RELATING TO SECURITIES OF ISSUERS THAT FILED AN APPLICATION FOR LISTING WITH THE VANCOUVER STOCK EXCHANGE

Order Under Section 59 of the Securities Act

WHEREAS the Lieutenant Governor in Council, by B.C. Reg. 479/95, ordered, among other things, effective January 1, 1996, that

(a) the Securities Regulation, B.C. Reg. 270/86 (the "Old Regulation") is repealed; and

(b) the regulation entitled the "Securities Rules" (the Rules"), attached to B.C. Reg. 479/95, is made and is designated to be a rule of the Commission;

AND WHEREAS sections 140, 141 and 143 of the Rules require holders that have acquired securities of an exchange issuer before it became a reporting issuer to comply with the seed share resale requirements of the Vancouver Stock Exchange (the "Exchange");

AND WHEREAS, by BOR#95/20, the Commission provided transitional relief for deemed distributions by seed shareholders of securities acquired from an exchange issuer that filed a preliminary prospectus with the Commission by January 1, 1996;

AND WHEREAS the Commission considers that transitional relief should be provided for deemed distributions by seed shareholders of securities acquired from an exchange issuer that did not file a preliminary prospectus with the Commission but filed an application for listing with the Exchange;

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

EFFECTIVE January 1, 1996, IT IS ORDERED under section 59 of the Securities Act, S.B.C. 1985, c. 83 (the "Act") that section 42 of the Act does not apply to a deemed distribution by a seed shareholder of securities acquired from an exchange issuer before it became a reporting issuer provided that

(a) the issuer has filed an application for listing with the Exchange before January 1, 1996, and

(b) the holder has complied with the resale requirements in section 133 or 134 of the Old Regulation that would have applied if the Old Regulation had not been repealed.

DATED at Vancouver, British Columbia, on December 28, 1995.