BOR 96/13 - Further Transitional Relief Relating to Transactions Between Mutual Fund and Its Responsible Persons [Rescinded]

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 the Commission has issued BOR#95/13 providing relief from section 110.1(1)(b) for transactions involving certain debt securities;

AND WHEREAS BOR#95/8, BOR#96/6 and BOR#96/11 provided transitional relief to allow market participants a period of time to adjust to these new requirements;

AND WHEREAS the Commission has received comments on the pricing requirements set out in BOR#95/13 and has issued for comment a draft blanket order with alternative pricing requirements;

AND WHEREAS the Commission has determined that it would be appropriate to extend the transitional relief until December 1, 1996 to provide additional time to consider comments on the alternative pricing requirements in finalizing the blanket order and allow market participants a period of time to adjust to the new requirements;

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 December 1, 1996.

DATED at Vancouver, British Columbia, on July 18, 1996.

Douglas M. Hyndman
Chair

REF: BOR#95/8
BOR#95/13
BOR#96/6
BOR#96/11