BOR 89/01 - The Registration of Persons Trading in IOCC Options [Rescinded]

IN THE MATTER OF THE COMMODITY CONTRACT ACT R.S.B.C. 1979, c.56 AND

IN THE MATTER OF THE REGISTRATION OF PERSONS TRADING IN IOCC OPTIONS

Exemption Order under Section 29(1)

WHEREAS commodity options issued by the International Options Clearing Corporation (the "IOCC") are commodity contracts within the meaning of section 1 of the Commodity Contract Act, R.S.B.C. 1979, c.56 (the "Act");

AND WHEREAS the Vancouver Stock Exchange (the "VSE") is a recognized commodity exchange under the Act pursuant to CCA BOR#89/1, an order issued by the British Columbia Securities Commission under section 24(2) of the Act on January 26, 1986;

AND WHEREAS the form of gold option, silver option, Canadian dollar option and platinum option issued by the IOCC (the "IOCC Options") were accepted for trading on the VSE pursuant to CCA BOR#89/5 issued by the Superintendent of Brokers (the "Superintendent") under section 24(3) of the Act on January 26, 1989;

AND WHEREAS section 13(1) of the Act prohibits any person from trading in a commodity contract unless the person is registered as a commodity contracts dealer, as a commodity contracts salesman or as a floor trader, or is registered as a partner or as an officer of a registered commodity contracts dealer and is acting on behalf of that commodity contracts dealer;

AND WHEREAS representations have been made to the Superintendent that persons who trade in IOCC Options, and no other commodity contracts, should be exempt from registration under the Act if they are registered under the Securities Act, S.B.C. 1985, c. 83, and satisfy certain additional requirements;

AND WHEREAS pursuant to section 29(1) of the Act, the Superintendent may, on his own initiative, order that a class of persons is not subject to Section 13 of the Act;

AND WHEREAS the Superintendent is satisfied that to do so would not be prejudicial to the public interest;

IT IS ORDERED under section 29(1) of the Act that a person who trades in IOCC Options, and no other commodity contracts, is exempt from section 13(1)(a) of the Act provided that:

DATED at Vancouver, British Columbia, this 26th day of January, 1989.

Ref: CCA BOR#89/1
CCA BOR#89/5