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Securities Law

BOR 95/14 - The Application of Section 30 of the Act to Trust Companies [Rescinded]

Published Date: 1995-12-22
Effective Date: 1996-01-01
Rescinded Date: 1996-12-31

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

AND

IN THE MATTER OF THE APPLICATION OF SECTION 30 OF THE ACT TO TRUST COMPANIES

Order Under Sections 33 and 153 of the Securities Act

WHEREAS the Lieutenant Governor in Council, by B.C. Reg. 479/95 ordered, among other things, that, effective January 1, 1996, certain amendments to the Securities Act, S.B.C. 1985, c. 83 (the "Act") are brought into force;

AND WHEREAS, subject to section 30(3) of the Act, section 30(2)(a) of the Act permits a trust company to act as an adviser without registration under section 20(1)(c) of the Act;

AND WHEREAS, effective January 1, 1996, section 30(3) of the Act removes the adviser registration exemption set out in section 30(2)(a) of the Act for a trust company if the trust company acts as an adviser where the advice the trust company gives is not solely incidental to the trust companys principal business or, if the trust company advertises its business, advising is featured in the advertisements;

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

EFFECTIVE January 1, 1996, IT IS ORDERED

  1. under section 33 of the Act that section 20(1)(c) of the Act does not apply to a trust company whose advertisements feature portfolio management or investment counselling services, provided that the portfolio management or investment counselling services are solely incidental to the trust companys business as

    (a) executor or administrator of an estate,

    (b) trustee of a testamentary or inter vivos trust,

    (c) committee of the estate of a "mentally disordered person", as defined in the Mental Health Act, R.S.B.C. 1979, c. 256,

    (d) guardian of the estate of a "minor", as defined in the Interpretation Act, R.S.B.C. 1979, c. 206,

    (e) attorney under a power of attorney for a client who lacks the legal capacity to manage his or her own affairs, or

    (f) administrator of a private charitable foundation;'
  2.  under section 153 of the Act that this order shall terminate on December 31, 1996.

DATED at Vancouver, British Columbia, on December 21, 1995.

Douglas M. Hyndman
Chair