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Securities Law

NIN 95/02 - Proposed Revocation of Blanket Order #87/18 [NIN - Rescinded]

Published Date: 1995-01-06
Effective Date: 1995-01-05

Blanket Order #87/18, issued on March 23, l987, exempts trades in and distributions of certain deposit receipts or other certificates ("Certificates") representing undivided interests in pools of bonds, debentures or other evidences of indebtedness of or guaranteed by the Government of Canada or a province of Canada from the registration and prospectus requirements of the Securities Act, subject to specified conditions, including the requirement that an information document satisfactory to the Superintendent be furnished to each first time purchaser of the Certificates.

Staff has received applications from persons proposing to rely on BOR#87/18 in circumstances in which staff considers such reliance would not be in the public interest. Staff is of the view that certain of the offerings that could be made in reliance upon BOR#87/18 would be better dealt with on a case by case basis so that appropriate conditions can be imposed on each offering. As a result of such applications and consistent with the revocation of the Synthetic Securities Blanket Ruling (BOR#88/1) on October 12, l990, staff has recommended to the Superintendent that BOR#87/18 be revoked.

Interested persons or companies are invited to provide comments on the proposed revocation. Comment letters should be submitted by February 28, l995 to:

Brenda J. Benham
A/Director, Policy & Legislation
British Columbia Securities Commission
1100 - 865 Hornby Street
Vancouver, B.C.
V6Z 2H4

Comment letters submitted in response to Requests for Comment are placed in the public file and form part of the public record, unless confidentiality is requested. Although comment letters requesting confidentiality will not be placed in the public file, freedom of information legislation may require the Commission to make comment letters available.

Persons submitting comment letters should therefore be aware that the press and members of the public may be able to obtain access to any comment letter.

Interested person or companies who may be affected by the proposed revocation of BOR#87/18 are invited to make specific applications so that the Superintendent may, in the circumstances of the specific application, consider whether it is appropriate to extend relief.

DATED at Vancouver, British Columbia, on January 5, 1995.

Dean E. Holley
Superintendent of Brokers

References: BOR#87/18