NIN 99/43 - Proposed Rescission of National Policy 30 - Processing of "Seasoned Prospectuses" [NIN - Rescinded]

The Commission, together with other members of the Canadian Securities Administrators ("CSA"), propose to rescind National Policy No. 30 Processing of "Seasoned Prospectuses" ("NP 30").

Reasons for Proposed Rescission

NP 30, which became effective on December 5, 1978, provides for a procedure that is intended to shorten the review period for prospectuses of issuers that file prospectuses on a repetitive basis or continuously have a valid prospectus outstanding. In particular, NP 30 provides that, when a preliminary prospectus that is a seasoned prospectus is filed, it should be accompanied by a copy indicating the changes that have been made to the proceeding prospectus of the issuer. NPS 30 also provides that the prospectus should be accompanied by a certificate or certificates of lawyers, accountants or other responsible persons certifying that the black-lined copy accurately reflects the changes.

The concept of filing a black-lined copy of a preliminary prospectus and a certificate contained in NP 30 for the purpose of shortening the review period has been incorporated in National Policy 43-201 Mutual Reliance Review System forProspectuses and Annual Information Forms ("National Policy 43-201"), which is being published concurrently and will come into force on January 1, 2000. The certificate requirement in National Policy 43-201 is slightly different from the requirement in NP 30, in that National Policy 43-201 only requires a certificate of the issuer. This change was made to reflect the view of the CSA that the issuer is best able to certify the accuracy of the changes.

The concept of filing a black-lined copy has also been included in National Instrument 81-101 Mutual Fund Prospectus Disclosure ("National Instrument 81-101"). The Commission published Advance Notice of National Instrument 81-101 on November 22, 1999 (see NIN#99/38).

The CSA consider that NP 30 is no longer necessary given that the procedure contained in NP 30 has been included in National Policy 43-201 and, to a certain extent, in National Instrument 81-101.

Comments

Interested parties are invited to make written submissions with respect to the proposed rescission of NP 30. Submissions received by January 18, 2000 will be considered.

Submissions should be made to all of the Canadian Securities Administrators listed below in care of the Commission des valeurs mobilières du Québec in duplicate, as indicated below

British Columbia Securities Commission
Alberta Securities Commission
Saskatchewan Securities Commission
Manitoba Securities Commission
Ontario Securities Commission
Commission des valeurs mobilières du Québec
Nova Scotia Securities Commission

c/o Rosetta Gagliardi, Mutual Reliance Committee Chair
cc: Claude St. Pierre, Secretary
Commission des valeurs mobilières du Québec
800 Square Victoria
Stock Exchange Tower
P.O. Box 246, 17th Floor
Montréal, Québec H4Z 1G3
Telephone: (514)-940-2199, ext. 4554
Fax: (514) 864-6381
e-mail: rosetta.gagliardi@cvmq.com

A copy of all submissions should also be forwarded to the Ontario Securities Commission as follows:

c/o John Stevenson, Secretary
Ontario Securities Commission
20 Queen Street West
Suite 800, Box 55
Toronto, Ontario M5H 3S8

A diskette containing the submission (in DOS or Windows format, preferably Word) should also be provided.

Comment letters submitted in response to requests for comments are placed on the public file in certain jurisdictions and form part of the public record, unless confidentiality is requested. Comment letters will be circulated amongst the securities regulatory authorities, whether or not confidentiality is requested. Although comment letters requesting confidentiality will not be placed on the public file, freedom of information legislation in certain jurisdictions may require the securities regulatory authorities in those jurisdictions 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 letters.

Questions may be referred to the Chair or any of the following members of the Committee:

Marcine Renner
Manager, Corporate Finance
British Columbia Securities Commission
(604) 899-6711
or (800) 373-6393 (in B.C.)
mrenner@bcsc.bc.ca

Ken Parker
Director, Capital Markets
Alberta Securities Commission
(403) 297-3251
ken.parker@seccom.ab.ca

Ian McIntosh
Deputy Director, Corporate Finance
Saskatchewan Securities Commission
(306) 787-5867
ian.mcintosh.ssc@govmail.gov.sk.ca

Robert Bouchard
Director, Corporate Finance
Manitoba Securities Commission
(204) 945-2555
bbouchard@caa.gov.mb.ca

James McVicar
Legal Counsel, Corporate Finance
Ontario Securities Commission
(416) 593-8154
jmcvicar@osc.gov.on.ca

Rosetta Gagliardi
Conseillère en réglementation, Service de la réglementation
Commission des valeurs mobilières du Québec
(514) 940-2199, Ext 4554
rosetta.gagliardi@cvmq.com

William Slattery
Deputy Director
Corporate Finance and Administration
Nova Scotia Securities Commission
(902) 424-7355
slattejw@gov.ns.ca

DATED at Vancouver, British Columbia, on November17, 1999.

Douglas M. Hyndman
Chair

Ref: NP 30
NP 43-201
NI 81-101
NIN#99/38