BOR 98/04 - Continuous Disclosure Requirements for Finance Issuers [Rescinded]

IN THE MATTER OF THE SECURITIES ACT R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF CONTINUOUS DISCLOSURE REQUIREMENTS FOR FINANCE ISSUERS

Exemption Order Under Section 91(1)(b)

WHEREAS section 150(1) of the Securities Rules, R.B.C. Reg. 194/97, requires a finance issuer, as defined in section 1(1) of the Securities Rules, not otherwise required to file financial statements in accordance with sections 144 and 145 of the Securities Rules, to file with the Commission, in duplicate, the financial statements required under those sections as if those sections applied;

AND WHEREAS section 150(2) of the Securities Rules requires a finance issuer, except where exempted under section 150(3) of the Securities Rules, to file with the Commission, annually, on or before the 140th day after the end of its financial year, a report in the required form;

AND WHEREAS section 150(8) of the Securities Rules requires that a finance issuer must, on the request of its debt security holder, send the holder a copy of its financial statements most recently filed under section 144 or 145 of the Securities Rules or under section 150(1) of the Securities Rules;

AND WHEREAS the Executive Director has previously specified, in accordance with section 182 of the Securities Act, R.S.B.C. 1996, c. 418, Form 29 "Finance Company Questionnaire and Financial Report" ("Form 29") as the required form of report under section 150(2) of the Securities Rules;

AND WHEREAS the Executive Director considers that only a finance issuer that is a reporting issuer should be required to file financial statements in accordance with sections 144 and 145 of the Securities Rules;

AND WHEREAS the Executive Director considers that a finance issuer, like other issuers of debt securities, should not be required to provide financial statements to its debt security holders;

AND WHEREAS the Executive Director is concurrently rescinding Form 29 under section 182 of the Securities Act for the reasons set out in NIN#98/18;

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

IT IS ORDERED under section 91(1)(b) of the Securities Act that a finance issuer is exempt from requirements of section 150 of the Securities Rules.

DATED at Vancouver, British Columbia, on March 31, 1998.

Ref: Form 29
NIN#98/18