NIN 96/37 - Specification of Form 43B for Real Estate Securities [NIN - Rescinded]

Published Date:	1996-10-11
Effective Date:	1996-10-10

In accordance with section 158 of the Securities Act, S.B.C. 1985, c.83, the Executive Director specifies Form 43B as the form of offering memorandum that must be used for real estate securities.

As discussed in NIN#96/36, real estate securities are securities consisting of a direct interest in real estate and an ancillary agreement for

(i) project management combined with rental or cash flow guarantees, or other financial commitments, and/or

(ii) revenue and/or expense pooling,
where, in either case, the purchaser places significant reliance on the skill or expertise of another person to realize an economic return from the investment.

Comments

The Executive Director is interested in receiving comments on interim Form 43B, which will be considered in any revisions to Form 43B in the development of the Commission's long-term policy with respect to all real estate securities and the form of prospectus for real estate securities. Interested persons are encouraged to direct written comments by December 15, 1996 to:

Brenda J. Benham
Director
Policy and Legislation
British Columbia Securities Commission
1100 - 865 Hornby Street
Vancouver BC 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.

DATED at Vancouver, British Columbia, on October 10, 1996.

Dean E. Holley
Executive Director

REF: Form 43B
NIN#96/36