Skip Navigation
Securities Law

45-701 - Meaning of "Fully Managed" Accounts [BCIN- Rescinded]

Published Date: 2000-12-22
Effective Date: 2000-12-20
Rescinded Date: 2009-09-28
Sections 43(1) and 74(1) of the Securities Act provide that British Columbia trust companies, insurers and portfolio managers are principals when purchasing on behalf of fully managed accounts. As a result, issuers can sell to these institutions under registration and prospectus exemptions available only for sales to principals. BC Instrument 45-504 extends this status to certain trust companies, insurers and portfolio managers outside British Columbia.

An account is “fully managed” by a trust company, insurer or portfolio manager if it makes the investment decisions for the account and has full discretion to purchase or sell securities for the account without requiring the client’s express consent to a transaction.

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


Douglas M. Hyndman
Chair

Ref: Securities Act, sections 43(1), 74(1)
BCI#45-504

This Interpretation Note may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.