BOR 96/01 - Trades by Control Persons of Securities Acquired Under Section 55(2)(8) of the Act [Rescinded]

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

AND

IN THE MATTER OF TRADES BY CONTROL PERSONS OF SECURITIES ACQUIRED UNDER SECTION 55(2)(8) OF THE ACT

Order Under Section 159.4 of the Securities Act

WHEREAS the Lieutenant Governor in Council, by B.C. Reg. 479/95, ordered, among other things, effective January 1, 1996 that,

(a) the Securities Regulation, B.C. Reg. 270/86 (the "Old Regulation") is repealed; and

(b) the Regulation entitled the "Securities Rules" (the "Rules"), attached to B.C. Reg. 479/95, is made and is designated to be a rule of the Commission;

AND WHEREAS section 128(d)(iv) of the Rules provides that section 42 of the Securities Act, S.B.C. 1985, c.83 (the "Act") does not apply to a trade in a security by a control person where the control person acquired the security under section 55(2)(8) of the Act (the "exchanged security") in relation to a security of an issuer that was not a reporting issuer provided that, among other things, a 6 month hold period has elapsed from the date the control person acquired the exchanged security under section 55(2)(8) of the Act;

AND WHEREAS prior to January 1, 1996, sections 117(c)(ii) and 117(d)(ii) of the Old Regulation provided that the 6 month hold period attaching to the exchanged security commenced from the date the control person acquired the security in relation to which the exchanged security was issued;

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

EFFECTIVE January 1, 1996, IT IS ORDERED under section 159.4 of the Act that section 128(d)(iv) of the Rules does not apply to a trade by a control person in a security acquired by the control person under section 55(2)(8) of the Act in relation to a security of an issuer that was not a reporting issuer, provided that the control person acquired the security under section 55(2)(8) of the Act on or before December 31, 1995.

DATED at Vancouver, British Columbia, on January 11, 1996.