NIN 98/08 - Specification of Form 43C as Form of Offering Memorandum for Mortgages and Request for Comment on Draft Form of Information Statement [NIN - Rescinded]

In accordance with section 182 of the Securities Act, R.S.B.C. 1996, c.418, the Executive Director specifies Form 43C as the interim form of offering memorandum that must be used by persons that rely on an exemption from the registration and prospectus requirements of the Act to trade in mortgages, where the exemption requires the use of an offering memorandum.
Form 43C prescribes the disclosure of certain information intended to ensure that investors in mortgages receive sufficient disclosure to make an informed investment decision, and sufficient notice of their rights and protections under the Act.

The Executive Director is also publishing for comment a form of Information Statement for mortgages, draft Form 57, that will be required to be used by persons wishing to rely on the exemptions in the Act for mortgages or qualified syndicated mortgages, as discussed in NIN#98/7. The Information Statement will prescribe the disclosure of appropriate information for investors, other than institutional investors, in all mortgages, both syndicated and non-syndicated.

Comments

The Executive Director is interested in receiving comments on Form 43C and draft Form 57, which will be considered in any revisions to these forms in the development of the Commission’s long-term policy with respect to mortgages. Interested persons are encouraged to direct written comments by April 15, 1998 to

Brenda J. Benham
Director
Policy and Legislation
British Columbia Securities Commission
200 - 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 February 4, 1998.

Michael J. Watson
Acting Executive Director