BOR 98/14 - The Multijurisdictional Disclosure System [Rescinded]

IN THE MATTER OF THE COMPANY ACT R.S.B.C. 1996, c. 62

AND

IN THE MATTER OF THE MULTIJURISDICTIONAL DISCLOSURE SYSTEM

Order Under Section 87(2) of the Company Act

WHEREAS on October 19, 1998 the Commission made, effective November 1, 1998, a rule referred to as National Instrument 71-101 and entitled "The Multijurisdictional Disclosure System" ("NI 71-101");

AND WHEREAS NI 71-101 implements the multijurisdictional disclosure system, which permits certain Canadian issuers to distribute securities in the United States using Canadian disclosure documents and certain U.S. issuers to distribute securities in Canada using U.S. disclosure documents;

AND WHEREAS "the MJDS" means the requirements of NI 71-101, as they have been waived or varied by the Commission or the executive director;

AND WHEREAS the trust indenture provisions in sections 86 to 97 of the Company Act, R.S.B.C. 1996, c. 62 (the "Company Act") apply to a trust indenture under which any corporation, including a U.S. issuer as defined in NI 71-101 (a "U.S. issuer"), issues or guarantees debentures;

AND WHEREAS section 87(2) of the Company Act authorizes the executive director to exempt a trust indenture or class of trust indentures from one or more of the provisions of sections 86 to 97 of the Company Act;

AND WHEREAS the executive director considers that providing this exemption will facilitate cross-border securities transactions under the MJDS;

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

IT IS ORDERED, effective November 1, 1998, under section 87(2) of the Company Act, that a trust indenture under which a U.S. issuer issues or guarantees a debenture distributed under a prospectus, an issuer bid circular or a take over bid circular filed under the Securities Act, R.S.B.C. 1996, c. 418 in compliance with the MJDS is exempted from sections 86 to 97 of the Company Act.

DATED at Vancouver, British Columbia, on October 21, 1998.

Reference: cc