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Securities Law

45-505 - Alternative Reporting Requirements For Exempt Distributions Of Securities Of Eligible Pooled Funds [BCI - Rescinded]

Published Date: 2000-12-22
Effective Date: 2001-01-01
Rescinded Date: 2005-09-14
Document(s):

Concurrently Published:

The British Columbia Securities Commission, having considered that to do so would not be prejudicial to the public interest, orders that the attached BC Instrument 45-505 entitled “Alternative Reporting Requirements for Exempt Distributions of Securities of Eligible Pooled Funds” is made effective January 1, 2001.


DATED at Vancouver, British Columbia, on December 20, 2000.


Douglas M. Hyndman
Chair



________________________________________________________________________
(This part is for administrative purposes only and is not part of the Order)

Authority under which Order is made:
Act and sections:- Securities Act, section 187
Other (specify):-



BC INSTRUMENT 45-505

ALTERNATIVE REPORTING REQUIREMENTS FOR
EXEMPT DISTRIBUTIONS OF SECURITIES OF ELIGIBLE POOLED FUNDS

Order Under Section 187 of theSecurities Act


Definitions

1.In this Instrument:
“additional assets under management” means cash or other assets invested in an eligible pooled fund by an eligible portfolio manager, but does not include cash or other assets transferred into the eligible pooled fund from another eligible pooled fund that is managed by the same eligible portfolio manager;

“eligible pooled fund” means a mutual fund

(a) the securities of which are distributed solely in reliance on exemptions from the registration and prospectus requirements of the Act, and

(b) the investment portfolio of which is managed by an eligible portfolio manager;

“eligible portfolio manager” means a person that is registered as a portfolio manager under the Securities Act and includes the eligible portfolio manager in combination with one or more sub-advisers not resident in British Columbia retained by the eligible portfolio manager under a written agreement setting out the obligations and duties of the sub-advisers;

“fully managed account” means an account that is “fully managed” within the meaning outlined by the Commission in BCIN#45-701.

Interpretation

2.Unless otherwise defined in this Instrument, terms used in this Instrument that are defined or interpreted in the Securities Act or Securities Rules should be read in accordance with the Securities Act or Securities Rules.


Exemption for Eligible Pooled Fund from Section 139 of theSecurities Rules

3. The requirements of section 139 of the Securities Rules do not apply to an eligible pooled fund that distributes its securities to fully managed accounts of an eligible portfolio manager of the eligible pooled fund, provided that the eligible pooled fund:
(a) on or before the filing date that would otherwise apply under section 139 of the Rules,

(i) has filed an initial notice, in BC Form 45-505F1, regarding the intention of the eligible pooled fund to rely on this Instrument, and

(ii) has made the filings and paid the fees applicable under sections 3 (c) and (d) of BC Form 45-505F1; and
(b) not later than 30 days after the end of the calendar year in which the eligible pooled fund distributes securities, in distributions to which the requirements of section 139 of the Rules would otherwise apply,
(i) files a report, in BC Form 45-505F2, in respect of those distributions, and
(ii) pays the fees determined in accordance with section 7 of BC Form 45-505F2.

Effective Date

4. This Instrument comes into effect on January 1, 2001.