51-505 - Transitional exemptions for Bourse de Montréal issuers [BCI - Rescinded]

BRITISH COLUMBIA SECURITIES COMMISSION

BC INSTRUMENT 51-505

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 51-505 entitled “Transitional exemptions for Bourse de Montréal issuers” is made.

September 18, 2001

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, sections 91, 114 and 119
Other (specify):-

BC INSTRUMENT 51-505

Transitional exemptions for Bourse de Montréal issuers

Order under sections 91, 114 and 119 of the Securities Act

Definitions
1. In this Instrument

"Act" means the Securities Act (British Columbia);

"Bourse" means the Bourse de Montréal Inc.;

"CDNX" means the Canadian Venture Exchange Inc.;

"CVMQ" means la Commission des valeurs mobilières du Québec ;

"Invitation" means an Invitation to List on CDNX dated August 10, 2001;

"New Exchange Issuer" means an exchange issuer that received and accepted an Invitation and, as at August 31, 2001

(a) had securities listed on the Bourse; or

(b) had submitted a complete application to have its securities listed on the Bourse that has been approved for listing;

"New Reporting Issuer" means an issuer that

(a) is a reporting issuer in Québec;

(b) received and accepted an Invitation;

(c) as at August 31, 2001 was not a reporting issuer in British Columbia and

(i) had securities listed on the Bourse, or

(ii) had submitted a complete application to have its securities listed on the Bourse that has been approved for listing;

(d) has securities listed on CDNX;

(e) became a reporting issuer in British Columbia solely because its securities were listed and posted for trading on CDNX after it accepted the Invitation; and

(f) does not, after its securities are listed and posted for trading on CDNX, do any other thing that would otherwise make it a reporting issuer in British Columbia;

"Québec securities law" means the Québec Securities Act, the Québec Regulation Concerning Securities and any other regulation made under the Québec Securities Act, and any decision order or ruling of the CVMQ, one of its members or a member of its personnel;

"Rules" means the British Columbia Securities Rules; and

"SEDAR" means the System for Electronic Document Analysis and Retrieval.

Interpretation
2. Unless the context requires otherwise, terms defined in the Act or the Rules have the same meaning in this Instrument.

Transitional period
3. This Instrument expires on May 31, 2002.

Alternate filings during transitional period
4. To be eligible for the relief under sections 7, 9, 11, 12 and 13, a New Reporting Issuer, person soliciting proxies, insider, or offeror must comply with the alternate requirements described in the applicable section before June 1, 2002.

Quarterly report exemption
5.  A New Exchange Issuer is exempt from section 152 of the Rules and the requirements of section 149 of the Rules respecting quarterly reports.

Personal information form exemption
6. Each director and officer of a New Exchange Issuer who would otherwise be required to file a BC Form 51-902F Personal Information for Directors, Officers, Promoters & Control Persons is exempt from section 90 of the Act.

Material change, financial statement and information circular exemptions
7. A New Reporting Issuer is exempt from section 85 of the Act and from sections 144, 145 and 184 of the Rules if the issuer files with the commission on SEDAR the documents required under the equivalent requirement of Québec securities law at the same time that it files those documents with the CVMQ in compliance with Québec securities law.

Notice of change in financial year end exemption
8. A New Reporting Issuer is exempt from section 146 of the Rules.

Shareholder delivery exemption
9. A New Reporting Issuer is exempt from section 149 of the Rules if the issuer sends to its British Columbia securityholders, other than holders of debt instruments, the documents required under the equivalent requirement of Québec securities law at the same time and in the same manner that it sends those documents to its Québec securityholders in compliance with Québec securities law or, in the case of its interim financial statements, complies with the applicable requirements of National Policy 41 Shareholder Communication or any successor instrument.

Technical report exemption
10.  A New Reporting Issuer is exempt from section 4.1(1) of National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Proxy and information circular exemptions
11. A person soliciting proxies from securityholders of a New Reporting Issuer is exempt from section 183 of the Rules and from section 117 of the Act if the person

(a) files with the commission on SEDAR the documents required under the equivalent requirement of Québec securities law at the same time that the person files those documents with the CVMQ in compliance with Québec securities law, and

(b) sends to the New Reporting Issuer’s British Columbia securityholders, other than holders of debt instruments, the documents required under the equivalent requirement of Québec securities law at the same time and in the same manner that it sends those documents to the issuer’s Québec securityholders in compliance with Québec securities law.

Insider report exemption
12. An insider of a New Reporting Issuer is exempt from section 87 of the Act if the insider complies with the equivalent requirement of Québec securities law.

Early warning exemption
13. An offeror that acquires securities of a New Reporting Issuer is exempt from sections 111 and 112 of the Act if the offeror complies with the equivalent requirement of Québec securities law.