NIN 97/50 - Proposed Rescission of Uniform Act Policy No. 2-10: Insider Trading Reports - Persons Required to Report in More than One Capacity [NIN - Rescinded]

Proposed Rescission of Policy

The Canadian securities regulatory authorities in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario propose to rescind Uniform Act Policy No. 2-10: Insider Trading Reports - Persons Required to Report in More than One Capacity (the "Policy").

Reasons for the Proposed Rescission

The Policy was adopted in April 1971 in the provinces referred to above. It states that where an individual is an insider of an issuer by virtue of being a director or senior officer of that issuer and is also an insider by virtue of being a director or senior officer of a company that is itself an insider of that issuer, the individual need only file one insider trading report and the report should describe all capacities pursuant to which the report is filed.

The purpose of the Policy was to provide for the uniform treatment of insider reporting in those jurisdictions in which the Policy is in effect.

Each of the securities regulatory authorities named above, in addition to those in the remaining provinces comprising the Canadian Securities Administrators, have adopted a standardized form of insider report (the "Insider Report") that requires an insider to identify all of the insider’s relationships to a reporting issuer. In British Columbia, the prescribed form of Insider Report is Form 36. Given that the Insider Report provides for the disclosure of the same information required by the Policy, there is no longer any reason to have the Policy.

Comments

Interested parties are invited to make written submissions with respect to the proposed rescission. Submissions received by February 6, 1998 will be considered.

Submissions, in duplicate, should be addressed to all of the Canadian securities regulatory authorities listed below in care of the Ontario Securities Commission:

British Columbia Securities Commission
Alberta Securities Commission
Saskatchewan Securities Commission
The Manitoba Securities Commission
Ontario Securities Commission

c/o Daniel P. Iggers, Secretary
Ontario Securities Commission
20 Queen Street West
Suite 800, Box 55
Toronto, Ontario M5H 3S8

A diskette containing the submissions (in DOS or Windows format, preferably WordPerfect) should also be submitted. As securities legislation in certain provinces requires that a summary of written comments received during the comment period be published, confidentiality of submissions received cannot be maintained.

Questions may be referred to any of the following:

Derek E. Patterson
British Columbia Securities Commission
(604) 899-6645

David Sheridan
Alberta Securities Commission
(403) 297-2630

Daniel P. Iggers
Ontario Securities Commission
(416) 593-8212

DATED at Vancouver, British Columbia, on December 4, 1997.

Douglas M. Hyndman
Chair