NIN 95/13 - Amendments to the Securities Regulation Relating to Filing Requirements and Fees Applicable to Certain Mutual Funds [NIN - Rescinde]

Published Date:	1995-03-17
Effective Date:	1995-03-16

Two amendments to the Securities Regulation were brought into force on March 9, l995 by B.C. Reg. 97/95. A copy of B.C. Reg. 97/95 is attached to this Notice. The amendments address certain anomalies in the legislation and are housekeeping in nature.

Section 132 of the Securities Regulation requires issuers who distribute securities under certain exemptions from prospectus requirements to file a form within a specified time period. For most exemptions, the form must be filed within 10 days after the distribution. Annual filings are, however, permitted for certain exemptions that involve distributions made on a regular or automatic basis. The amendment to section 132 permits mutual funds that rely on section 55(2)(19) of the Act to file on an annual basis within 10 days after the end of the calendar year in which the distribution took place rather than within 10 days after each distribution. This amendment reduces the administrative burden imposed on mutual funds that rely on section 55(2)(19) of the Act.

The amendment to item 22 of section 183(1) of the Securities Regulation reduces the fee for exempt offerings of securities by money market mutual funds. Previously the fee for exempt offerings by money market mutual funds was higher than the fee for public offerings by money market mutual funds. The amendment removes this anomaly.

DATED at Vancouver, British Columbia, on March 16, 1995.

Douglas M. Hyndman
Chair

'Order in Council' and BC Reg 97/95 attachment unavailable, please refer to hard copy in the library or BC Reg 97/95 in RAPID..