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Securities Law

NIN 95/25 - Revocation of Blanket Order #87/18 [NIN - Rescinded]

Published Date: 1995-06-23
Effective Date: 1995-06-22
BOR#87/18, issued on March 23, 1987, 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 of Brokers 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, 1990, staff has recommended to the Superintendent of Brokers that BOR#87/18 be revoked.

No comments were received in response to the request for comment issued under NIN#95/2. Accordingly, the Superintendent of Brokers has issued a revocation order, BOR#95/2, which revokes BOR#87/18 effective July 4, 1995.

DATED at Vancouver, British Columbia, on June 22, 1995.

Dean E. Holley
Superintendent of Brokers

References BOR#87/18