NIN 99/07 - Permission to Make Written Listing Representations [NIN - Rescinded]

Section 50(1)(c) of the Securities Act prohibits any person, with the intention of effecting a trade in a security, from making representations that the security will be listed and posted for trading on an exchange, or that application has been or will be made to list and post the security for trading on an exchange, without obtaining the prior written permission of the Executive Director. In a decision of December 19, 1989, In the Matter of O.E.X. Electromagnetic Inc. et al, the Commission determined that the reference to "exchange" in this section of the Act includes a quotation system that carries on the business of an exchange, such as the Nasdaq National Market and The Nasdaq SmallCap Market ("The Nasdaq Stockmarket").

NIN#97/6 provides an exception to the prohibition under section 50(1)(c) with respect to securities for which a preliminary short form prospectus or a preliminary prospectus has been filed with the Executive Director, provided certain conditions are met.

This Notice provides exceptions to the prohibition under section 50(1)(c) of the Act in certain limited circumstances, regardless of whether a preliminary prospectus has been filed with the Executive Director. It applies only to representations made in a document required to be filed under the Act or in a document delivered to an investor where the trade in a security is made under section 45(2)(2), (4) or (5) of the Act, that

1. the security will be listed and posted for trading or quoted on an exchange or The Nasdaq Stockmarket (an "Exchange"); or

2. an application has been made to list and post the security for trading or quote the security on an Exchange;

(collectively, the "Written Listing Representations").

By this Notice, the Executive Director gives permission under section 50(1)(c) of the Act to make Written Listing Representations provided that:

(a) if the Written Listing Representations are an act in furtherance of a trade, the person making the Written Listing Representations is registered or exempted from the requirement to be registered to trade in the security;

(b) an application to list and post the security for trading, or quote the security, on an Exchange (an "Application") has been made to the relevant Exchange;

(c) where the Exchange requires that disclosure of the Written Listing Representations be made in a specific form, the Written Listing Representations comply with the relevant Exchange requirements;

(d) prior to or concurrently with making the Written Listing Representations, a copy of each page containing the Written Listing Representations is filed with the Statutory Filings Division of the British Columbia Securities Commission under the heading "Permission to Make Written Listing Representations", together with

(i) a copy of the written confirmation from the relevant Exchange of approval or conditional approval of the Application, or

(ii) where the Exchange does not provide written confirmation of approval or conditional approval of an Application, or where the written confirmation is not available at the time the document containing the Written Listing Representations is filed with the Statutory Filings Division of the British Columbia Securities Commission, a certified statement by the person making the Written Listing Representations, or an agent for that person, that

(A) the Application, a copy of which is attached, has been made to the relevant Exchange,

(B) the Exchange does not normally provide written confirmation of approval or conditional approval of an Application, or the Exchange has not yet provided this written confirmation at the time the document containing the Written Listing Representations is filed,

(C) the person making the statement has no reasonable grounds to believe that the Exchange will not grant approval to the Application, and

(D) where the Exchange normally provides written confirmation of approval or conditional approval of an Application but has not yet provided it at the time the document containing the Written Listing Representations is filed, the person will file the written confirmation of the Exchange with the Statutory Filings Division of the British Columbia Securities Commission no later than five business days after the date on which the written confirmation is provided by the Exchange; and

(e) where the Written Listing Representations are that the security will be listed and posted for trading or quoted on an Exchange, and listing or quotation is subject to outstanding requirements of the Exchange, disclosure is made, as part of the Written Listing Representations, that the listing and posting for trading, or quotation, of the security is subject to fulfilling the requirements of the relevant Exchange.

DATED at Vancouver, British Columbia, on March 1, 1999

Michael J. Watson
Executive Director

Reference: NIN#97/6