91-505 - Prospectus exemption for put and call options [BCI]
| Published Date: | 2009-09-25 |
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| Effective Date: | 2009-09-28 |
| Document(s): |
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Concurrently Published:
The British Columbia Securities Commission, having considered that it would not be prejudicial to the public interest, orders that the attached BC Instrument 91-505 Prospectus exemption for put and call options is made, effective September 28, 2009.
September 25, 2009
Brent W. Aitken
Acting 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 48, 76
Other (specify):-
BC Instrument 91-505
Prospectus exemption for put and call options
Order under Sections 48 and 76 of the Securities Act
1. Interpretation - Terms used in this Instrument that are defined or interpreted in the Securities Act (the Act) or the Securities Rules (the Rules) have the meaning set out in the Act or in the Rules.
2. Prospectus exemption - The prospectus requirement in section 61 of the Act does not apply to a distribution consisting of an option to sell or purchase securities known as a put and a call, which permit the holder of the option to sell or purchase from the writer of the option a specified amount of securities at a specific price, on or before a specified date or the occurrence of a specified event, so long as
(a) the option has been written by or the performance under the option is guaranteed by a member of an exchange recognized by the commission for this purpose,
(b) the securities that are the subject of the option are listed and posted for trading on an exchange recognized by the commission for this purpose, and
(c) the option is in the required form.