BOR 88/11 - The Conflict of Interest Rules Statement and the Confirmation and Reporting of Transactions by Registrants [Rescinded]
| Published Date: | 1988-12-02 |
|---|---|
| Effective Date: | 1988-11-28 |
| Rescinded Date: | 2001-04-26 |
IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c.83 AND
IN THE MATTER OF THE CONFLICT OF INTEREST RULES STATEMENT AND IN THE MATTER OF THE CONFIRMATION AND REPORTING OF TRANSACTIONS BY REGISTRANTS
EXEMPTION ORDER UNDER SECTION 167.12 OF THE SECURITIES REGULATION AND REVOCATION ORDER UNDER SECTION 153 OF THE SECURITIES ACT
WHEREAS section 167.3 of the Securities Regulation, B.C. Reg. 270/86 (the "Regulation") and BOR#88/9 require that a registrant prepare, file and provide to each of its clients a copy of its current Conflict of Interest Rules Statement (the "CIRS") (Form 69) or, alternatively, prepare and file with the British Columbia Securities Commission a Statement and Undertaking (Form 70), by December 15, 1988;
AND WHEREAS section 167.5(1)(c) of the Regulation and BOR #88/9 require that a registrant trading in or purchasing a security after December 15, 1988 in circumstances set out in section 167.5(1)(a) or (b) must, before entering into an agreement of purchase and sale respecting the security, deliver its current CIRS to the client or inform him orally or by some other means of substantially all the information required to be included in the CIRS;
AND WHEREAS section 167.6 of the Regulation and BOR#88/10 require that certain information be disclosed by a registrant in any written confirmation or other report sent or delivered after December 31, 1988 by the registrant to a client respecting a trade or purchase of a security made by the registrant with, from or on behalf of the client;
AND WHEREAS representations have been made to the Superintendent of Brokers (the "Superintendent") by members of the brokerage industry concerning both the time limits within which a registrant must deliver the CIRS to its clients in compliance with sections 167.3 and 167.5(1)(c) of the Regulation and the disclosure required to be made in written confirmations or other reports sent to clients in compliance with section 167.6 of the Regulation;
AND WHEREAS under section 167.12 of the Regulation the Superintendent may exempt a registrant from any provision of Part 13.1 of the Regulation where he considers that it would not be prejudicial to the public interest to do so;
AND WHEREAS the Superintendent considers that it would not be prejudicial to the public interest to do so;
IT IS ORDERED under section 167.12 of the Regulation that:
1. all registrants are exempt from section 167.3(1), (3) and (4) of the Regulation for a period of time expiring on February 28, 1989;
2. all registrants are exempt from section 167.3(2) of the Regulation on the condition that the registrant provide free of charge a copy of its current CIRS to each of its clients at the time he becomes a client of the registrant or by February 28, 1989, whichever is later;
3. all registrants are exempt from section 167.5(1)(c) of the Regulation for a period of time expiring on February 28, 1989;
4. all registrants are exempt from section 167.6(1) of the Regulation for a period of time expiring on February 28, 1989; and
5. all registrants are exempt from section 167.6(2) of the Regulation.
IT IS ORDERED under section 153 of the Securities Act, S.B.C. 1985, c.83 that BOR#88/9 and BOR#88/10 be revoked.
DATED at Vancouver, British Columbia this 28th day of November, 1988.
Neil de Gelder
Superintendent of Brokers