BOR 96/08 - Number of Purchasers Under Sections 89(a) and (g) and 128(a) and (h) of the Securities Rules, B.C. Reg. 479/95 [Rescinded]

IN THE MATTER OF THE SECURITIES ACT

S.B.C. 1985, c. 83

AND

IN THE MATTER OF NUMBER OF PURCHASERS UNDER SECTIONS 89(a) AND (g) AND 128(a) AND (h) OF THE SECURITIES RULES, B.C. REG. 479/95

Order Under Section 159.4

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

(i) the Securities Regulation, B.C. Reg. 270/86 (the "Old Regulation") was repealed;

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

AND WHEREAS the exemptions in sections 76(a) and (f) and 117 (a) and (i) of the Old Regulation were subject to limits as to the maximum number of different purchasers to whom sales under those sections had been made during the preceding 12 months;

AND WHEREAS the exemptions in sections 89(a) and (g) and 128(a) and (h) of the Rules are equivalent to the exemptions in sections 76(a) and (f) and 117(a) and (i) of the Old Regulation and contain identical limits on the maximum number of different purchasers to whom sales under those sections may have been made during the preceding 12 months;

AND WHEREAS the Commission considers that sales made under section 76(a) and (f) and 117(a) and (i) of the Old Regulation should be included for the purpose of calculating the number of different purchasers to whom sales have been made under the equivalent sections of the Rules;

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

IT IS ORDERED, under section 159.4 of the Act that

(a) sections 89(a) and 128(a) of the Rules do not apply to a trade in a security where, during the 12 month period immediately preceding the trade, the issuer has made sales under those sections, and under sections 76(a) and 117(a) of the Old Regulation to more than 49 different purchasers; and

(b) sections 89(g) and 128(h) of the Rules do not apply to a trade in a security where, during the 12 month period immediately preceding the trade, the issuer has made sales under those sections, and under sections 76(f) and 117(i) of the Old Regulation to more than 24 different purchasers.

DATED at Vancouver, British Columbia, on March 27, 1996.