BOR 96/20 - Continuing Relief Relating to the Application of Section 30 of the Act to Trust Companies [Rescinded]

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

AND

IN THE MATTER OF CONTINUING RELIEF RELATING TO THE APPLICATION OF SECTION 30 OF THE ACT TO TRUST COMPANIES

Under Section 33 of the Securities Act

WHEREAS, subject to section 30(3) of the Securities Act, S.B.C. 1985, c. 83 (the "Act"), section 30(2)(a) of the Act permits a trust company to act as an adviser without registration under section 20(1)(c) of the Act;

AND WHEREAS, effective January 1, 1996, section 30(3) of the Act removes the adviser registration exemption set out in section 30(2)(a) of the Act for a trust company that acts as an adviser where the advice the trust company gives is not solely incidental to the trust company's principal business or, if the trust company advertises its business, advising is featured in the advertisements;

AND WHEREAS BOR#95/14 provides transitional relief until December 31, 1996 from section 20(1)(c) of the Act for trust companies whose advertisements feature portfolio management or investment counselling services, provided that the portfolio management or investment counselling services are solely incidental to the trust company's business as a fiduciary, including the administration of estates and trusts;

AND WHEREAS the Commission has determined that it would be appropriate to extend the relief in BOR#95/14 beyond December 31, 1996;

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

EFFECTIVE December 31, 1996, IT IS ORDERED under section 33 of the Act that section 20(1)(c) of the Act does not apply to a trust company whose advertisements feature portfolio management or investment counseling services, provided that the portfolio management or investment counseling services are solely incidental to the trust company's business as

(a) executor or administrator of an estate,

(b) trustee of a testamentary or inter vivos trust,

(c) committee of the estate of a "mentally disordered person", as defined in the Mental Health Act, R.S.B.C. 1979, c. 256,

(d) guardian of the estate of a "minor", as defined in the Interpretation Act, R.S.B.C. 1979, c. 206,

(e) attorney under a power of attorney for a client who lacks the legal capacity to manage his or her own affairs, or

(f) administrator of a private charitable foundation.

DATED at Vancouver, British Columbia, on November 21, 1996.

Ref: BOR#95/14