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Securities Law

BOR 95/01 - Form 12A Summary Prospectus Disclosure System [Rescinded]

Published Date: 1995-01-06
Effective Date: 1995-01-06
Rescinded Date: 1995-08-01

IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c. 83

AND

IN THE MATTER OF THE FORM 12A SUMMARY PROSPECTUS DISCLOSURE SYSTEM

Order Under Section 59 of the Act

WHEREAS Part 11 of Local Policy Statement 3-02 - Prospectus Filing Requirements ("LPS 3-02") sets out the rules for the use of a Form 12A summary prospectus and base disclosure document (the "Form 12A Summary Prospectus Disclosure System");

AND WHEREAS the Form 12A Summary Prospectus Disclosure System has been structured on the basis that issuers of securities in compliance with the Form 12A Summary Prospectus Disclosure System will be exempted from certain requirements of the Securities Act, S.B.C. 1985, c. 83, as amended (the "Act");

AND WHEREAS the Commission considers that providing such an exemption will reduce costs for issuers making public offerings and will provide investors with a shorter, user friendly document without reducing the existing benefits of investor protection or the degree and quality of disclosure to the public;

AND WHEREAS the Commission considers that it would not be prejudicial to the public interest to do so;

EFFECTIVE JANUARY 6, 1995, IT IS ORDERED under section 59 of the Act that sections 42(2), 49(1) and 50(1) of the Act, do not apply to a distribution of securities by a junior industrial issuer required to file a prospectus on Form 12A - Information Required in Prospectus of Junior Industrial Issuer, provided that a preliminary Form 12A summary prospectus, preliminary base disclosure document, Form 12A summary prospectus and base disclosure document (including the required certificates) are filed under section 42(1) of the Act in accordance with the requirements and procedures of the Form 12A Summary Prospectus Disclosure System set out in Part 11 of LPS 3-02.

DATED at Vancouver, British Columbia, on January 5, 1995.

Douglas M. Hyndman
Chair

References: LPS 3-02
Form 12A