BOR 96/07 - Trades in Securities Acquired Under Section 117 of the Securities Regulation, B.C. Reg. 270/86 [Rescinded]

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

AND

IN THE MATTER OF TRADES IN SECURITIES ACQUIRED UNDER SECTION 117 OF THE SECURITIES REGULATION, B.C. REG. 270/86

Order Under Section 59

WHEREAS the Lieutenant Governor in Council, by B.C. Reg. 479/95, ordered, among other things, effective January 1, 1996, that the Securities Regulation, B.C. Reg. 270/86 (the "Old Regulation") was repealed;

AND WHEREAS a trade in a security acquired under section 117 (a), (b) or (f) to (i) of the Old Regulation was subject to resale rules set out in section 133 or 134, as applicable, of the Old Regulation (the "Resale Rules");

AND WHEREAS the Commission considers that the Resale Rules should continue to apply to trades in securities acquired before January 1, 1996 under section 117(a), (b) or (f) to (i) of the Old Regulation;

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

IT IS ORDERED under section 59 of the Act that a trade in a security acquired before January 1, 1996, under section 117(a), (b) or (f) to (i) of the Old Regulation, or in an exchanged security issued in relation to that security, is deemed to be a distribution unless the seller has complied with the Resale Rules that would have applied to the security, or the exchanged security, that is the subject of the trade had the Old Regulation not been repealed;

DATED at Vancouver, British Columbia, on March 27, 1996.