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Securities Law

NIN 94/29 - Transitional Relief Interim Local Policy Statement No. 3-17 Registrant Due Diligence [NIN - Rescinded]

Published Date: 1994-12-23
Effective Date: 1994-12-22
By NIN#94/17, the Commission replaced Local Policy Statement No. 3-04 with Interim Local Policy Statement No. 3-17 - Registrant Due Diligence, effective January 6, l995. The Commission has received submissions from various industry participants requesting transitional relief from the effective date of Interim LPS#3-17.

The Commission has determined that it is appropriate to provide additional time for registrants to implement procedures to address the new requirement that the registrant retain the consultant. Accordingly, pursuant to section 6.2 of Interim LPS#3-17, the Superintendent waives the requirement imposed on junior issuer underwriters to obtain an assessment report and file the certificate(s) required under Part 9 of Interim LPS#3-17 where the junior industrial issuer prepares and files a technical report in accordance with LPS#3-04.

This waiver expires on February 28, l995 for all preliminary prospectuses filed by or on behalf of junior industrial issuers on or after that date.

The obligations with respect to the due diligence reports under Interim LPS#3-17 are effective for preliminary prospectuses filed on or after January 6, l995.

DATED at Vancouver, British Columbia, on December 22, 1994.

Dean E. Holley
Superintendent of Brokers

References: NIN#94/17
Interim LPS#3-17