BOR 96/09 - Alternative Transitional Relief Relating to Registrant Information [Rescinded]
| Published Date: | 1996-04-12 |
|---|---|
| Effective Date: | 1996-04-11 |
| Rescinded Date: | 1996-12-31 |
IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c. 83
AND
IN THE MATTER OF ALTERNATIVE TRANSITIONAL RELIEF RELATING TO REGISTRANT INFORMATION
Order Under Section 33 of the Securities Act
WHEREAS effective January 1, 1996, section 50(3) of the Securities Rules, B.C. Reg. 479/95 (the "Rules") requires a registered dealer to advise its clients on every statement of account, or by other approved means, that the dealer is obliged to disclose certain information about itself and its staff to the client on request;
AND WHEREAS the information required to be disclosed is described in section 50(1) of the Rules and is more comprehensive than the information required to be disclosed prior to January 1, 1996;
AND WHEREAS BOR#95/8 provides transitional relief until July 1, 1996 to allow dealers a period of time to adjust to these new requirements;
AND WHEREAS the Commission has determined that it would be appropriate to provide alternative transitional relief to that provided in BOR#95/8 that would allow dealers a further period of time to adjust to these new requirements, provided that certain additional requirements are met;
AND WHEREAS the Commission considers that to do so would not be prejudicial to the public interest;
IT IS ORDERED under section 33 of the Act that a registered dealer is exempt from section 50(3) of the Rules until December 31, 1996, provided that the dealer
(a) sends a notice to all of its existing clients in British Columbia, no later than April 30, 1996, explaining what information the dealer is required to furnish to clients on request pursuant to section 50(1) of the Rules;
(b) furnishes a notice to all of its new clients thereafter, upon opening their accounts, explaining what information the dealer is required to furnish to clients on request pursuant to section 50(1) of the Rules; and
(c) complies with the requirement in section 50(3) of the Rules with respect to information required to be disclosed pursuant to section 50(1)(g) of the Rules.
DATED at Vancouver, British Columbia, on April 11, 1996.
Joyce C. Maykut, Q.C.
Vice Chair
REF: BOR#95/8
NIN#96/10