BOR 96/06 - Further Transitional Relief Relating to Transactions Between a Mutual Fund and its Responsible Persons [Rescinded]
| Published Date: | 1996-03-29 |
|---|---|
| Effective Date: | 1996-03-27 |
| Rescinded Date: | 1996-06-01 |
IN THE MATTER OF THE SECURITIES ACT S.B.C. 1985, c. 83
AND
IN THE MATTER OF FURTHER TRANSITIONAL RELIEF RELATING TO TRANSACTIONS BETWEEN A MUTUAL FUND AND ITS RESPONSIBLE PERSONS
Order Under Section 113(b) of the Securities Act
WHEREAS effective January 1, 1996, section 110.1 of the Securities Act, S.B.C. 1985, c. 83 (the "Act") includes new requirements applicable to related party transactions of mutual funds and their responsible persons;
AND WHEREAS BOR#95/8 provided transitional relief for a three month period to allow market participants a period of time to adjust to these new requirements;
AND WHEREAS the Commission has issued BOR#95/13 providing relief from sections 110.1(1)(b) for transactions involving certain debt securities and BOR#96/5 providing relief from section 110.1(1)(b) for transactions involving mortgages;
AND WHEREAS the Commission has determined that it would be appropriate to extend the relief in BOR#95/8 for an additional two months to allow mutual funds time to put systems in place to address the conditions of the relief provided under BOR#95/13 and BOR#96/5;
AND WHEREAS the Commission considers that to do so would not be prejudicial to the public interest;
IT IS ORDERED under section 113(b) of the Act that section 110.1 of the Act does not apply to a related party transaction between a mutual fund and its responsible persons, provided the transaction is entered into before June 1, 1996.
DATED at Vancouver, British Columbia, on March 27, 1996.
Douglas M. Hyndman
Chair