BOR 96/03 - The Requirement to Send Interim Financial Statements and Quarterly Reports to Security Holders of a Reporting Issuer [Rescinded]

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

AND

IN THE MATTER OF THE REQUIREMENT TO SEND INTERIM FINANCIAL STATEMENTS AND QUARTERLY REPORTS TO SECURITY HOLDERS OF A REPORTING ISSUER

Exemption Order Under Section 73.2 of the Act

WHEREAS on March 17, 1989, the Commission issued BOR#89/2 to provide an exemption from the requirement under section 141 of the Securities Regulation, B.C. Reg. 270/86 (the "Old Regulation") that a reporting issuer that is obligated to file an interim financial statement under section 135 of the Old Regulation is required to concurrently send it to each holder of its securities, other than holders of debt instruments, whose latest address as shown on the books of the reporting issuer is in British Columbia;

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

AND WHEREAS section 149 of the Rules, the equivalent provision to section 141 of the Old Regulation, provides that a person that is required to file a quarterly report under section 152 of the Rules, as well as a person that is required to file interim financial statements under section 144 of the Rules, must concurrently send the statements, and where applicable the quarterly report, to each holder in British Columbia of its securities, other than holders of debt instruments;

AND WHEREAS the Commission considers that the blanket relief that currently exempts a reporting issuer from the requirement in section 149 of the Rules to deliver interim financial statements to each holder of its securities in British Columbia, other than holders of debt instruments, on certain conditions, should be extended to provide an exemption from the delivery requirements now applicable to quarterly reports;

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

IT IS ORDERED under section 73.2 of the Act, that:

1. a reporting issuer is exempt from section 149 of the Rules in respect of an interim financial statement filed under section 144 of the Rules on the condition that:

(a) the issuer complies with all the requirements of National Policy Statement No. 41 (the "Policy") respecting interim financial statements, provided that if the issuer does not hold an annual meeting, the issuer has sent a return card to each registered holder of its securities with its most recent annual financial statements prepared in accordance with section 145 of the Rules; and

(b) the issuer concurrently files written confirmation that it has sent the interim financial statement to each registered and non-registered holder of its securities on the supplemental mailing list maintained in accordance with the Policy; and

2. an exchange issuer is exempt from section 149 of the Rules in respect of a quarterly report for an issuers first, second or third quarter filed under section 152 of the Rules on the condition that:

(a) the issuer complies with the requirements set out in paragraphs (a) and (b) above; and

(b) the issuer concurrently files written confirmation that it has sent the quarterly report to each registered and non-registered holder of its securities on the supplemental mailing list maintained in accordance with the Policy.

DATED at Vancouver, British Columbia, on March 14, 1996.

References: BOR#89/2
NPS#41