NIN 97/54 - Filing Forms 20 Reports by Facsimile [NIN - Rescinded]

Form 20 is the Report of Exempt Distribution required to be filed by an issuer under section 139 of the Securities Rules, R.B.C. Reg. 194/97, on or before the 10th day after the distribution of a security by the issuer under the prospectus exemptions referred to in section 139 of the Rules, or where required by an order made under section 76 of the Securities Act, R.S.B.C. 1996, c. 418.

Section 189 of the Rules requires that Forms 20 be manually signed.

Currently staff is exploring initiatives to improve the filing of Forms 20 Reports. Over the longer term staff will consider the possibility of allowing these filings to be made on SEDAR.

As an interim measure, effective January 15, 1998, issuers are permitted to file Forms 20 by facsimile to the following number (604) 899-6528.

Issuers who file by facsimile must file a copy of the manually signed Form 20 that is complete, clear and legible and retain the original Form 20 and the facsimile confirmation slip for a period of six years from the date of filing. Issuers should also be reminded that the Form 20 is not considered to be filed with the Commission until the fee required under item 26 of section 22 of the Securities Rules R.B.C. Reg. 196/97 is paid. Accordingly, these fees, accompanied by a letter identifying the Form 20 they are related to, should be submitted by another method of delivery concurrently with the filing by facsimile of the Form 20, so that the filing of the form may be made within the required time frame.

DATED at Vancouver, British Columbia, on December 24, 1997

Paul C. Bourque
Executive Director