NIN 2000/03 - Consequential Amendments to Securities Rules Relating to New National Instruments Governing Mutual Funds and their Disclosure [NIN - Rescinded]
| Published Date: | 2000-01-28 |
|---|---|
| Effective Date: | 2000-01-26 |
The full text of the consequential amendments, B.C. Reg. 3/2000, are being published in a Special Supplement to the Weekly Summary of January 28, 2000. The consequential amendments will be effective on February 1, 2000.
The Commission adopted the consequential amendments, following publication for comment. No comments were received on any of the proposed consequential amendments. Advance notice of the consequential amendments was provided in NIN#99/38 and in NIN#99/39.
Concurrent with the consequential amendments, the Commission has also adopted NI 81-101, the Forms, Companion Policy 81-101CP (“81-101CP”), NI 81-102, and Companion Policy 81-102CP (“81-102CP”). NIN#2000/1 provides additional information about NI 81-101, the Forms and 81-101CP and NIN#2000/2 provides additional information about NI 81-102 and 81-102CP.
DATED at Vancouver, British Columbia, on January 26, 2000.
Douglas M. Hyndman
Chair
| Ref: NI 81-101 Form 81-101F1 Form 81-101F2 81-101CP NI 81-102 | 81-102CP NIN#99/38 NIN #99/39 NIN #2000/1 NIN #2000/2 |
This NIN refers to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Policy Documents database.
Schedule
1The Securities Rules, B.C. Reg. 194/97, is amended in section 1 (1) by adding the following definitions:
“NI 81-101” means National Instrument 81-101 Mutual Fund Prospectus Disclosure;
“NI 81-102” means National Instrument 81-102 Mutual Funds;.
2Section 58 (c) is repealed and the following substituted:
(c) ensure that any interest earned on the subscriptions or prepayments while in trust accrues or is paid to the credit of the clients.
3The following sections are added:
Membership in Self-Regulatory Organization and Handling of Clients’ Money
58.1 Sections 57 (2) and 58 do not apply to a registrant that is a member of, and that complies with the rules, bylaws or other regulatory instruments or policies established by, The Investment Dealers Association of Canada, The Montreal Exchange, The Toronto Stock Exchange or the Canadian Venture Exchange Inc. relating to the handling of client money.
Mutual Fund Money
Alternative Certificate of Mutual Fund
Alternative Certificate of Non-Redeemable Investment Fund or Mutual Fund
98.2 (1) If a non-redeemable investment fund or mutual fund is established as a trust, the certificate required to be signed by the non-redeemable investment fund or mutual fund must be signed by (a) each individual who is a trustee or by a duly authorized attorney of the individual, or (b) the duly authorized signing officer or officers of the trustee, if the trustee of the non-redeemable investment fund or mutual fund is a corporation.(2) Despite subsection (1), a certificate required to be signed by the trustees of a non-redeemable investment fund or mutual fund may be signed by any other person if that person is duly authorized to sign the certificate by the declaration of trust or trust agreement establishing the non-redeemable investment fund or mutual fund. (3) Despite subsections (1) and (2), if the trustee of the non-redeemable investment fund or mutual fund is also its manager, the certificate must state that the certificate is being signed by the person both in the capacity of trustee and manager of the non-redeemable investment fund or mutual fund and must be signed in accordance with section 98.3.(4) A non-redeemable investment fund or a mutual fund to which NI 81-101 does not apply, is exempt from paragraphs 68 (2) (a) and (b) and subsection 68 (3) of the Act if the certificate required by subsection 68 (1) of the Act is signed in accordance with this section.
Certificate of Manager
98.3 (1) A non-redeemable investment fund, or a mutual fund to which NI 81-101 does not apply, must contain a certificate from the manager of the non-redeemable investment fund or mutual fund.
(2) The certificate required under subsection (1) must be in the same form as the certificate required by section 68 (1) of the Act.
(3) If the manager is a corporation, the certificate required by subsection (1) must be signed by the chief executive officer and the chief financial officer of the manager, and on behalf of the board of directors of the manager by any two directors of the manager other than the chief executive officer or chief financial officer, duly authorized to sign.
(4) Despite subsection (3), if the manager has only three directors, two of whom are the chief executive officer and chief financial officer, the certificate required to be signed by subsection (3) must be signed by the remaining director of the manager.
Certificate of Promoter
Certificate of Principal Distributor
4Sections 100 to 105 are repealed.
5Section 113 (1) is amended by adding “in the required form, and”before “each for, or as at the end of,”.
6Section 113 (2) (b) is repealed and the following substituted:
(b) forms part of the prospectus and is sent to a person that requests a copy of the statement of portfolio transactions.