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Commission Approval of Amendment: Certain Reporting Issuers [including National Policy Statement No. 41]
Commission Approval of Amendment: Certain Reporting Issuers [including National Policy Statement No. 41]
AMENDMENTS TO RULES EXTENDING THE
EXPIRATION DATE FROM DECEMBER 31, 1998 TO DECEMBER 31, 1999
The Commission is publishing in today's Bulletin amendments to the following rules andnotices respecting the amendments for the purpose of extending the expiration date fromDecember 31, 1998 to December 31, 1999:
1. In the Matter of the Limitations on a Registrant Underwriting Securities of a RelatedIssuer or Connected Issuer of the Registrant (1997), 20 OSCB 1217;
2. In the Matter of Certain Advisers (1997), 20 OSCB 1217;
3. In the Matter of the Prompt Offering Qualification System [including National PolicyStatement No.47] (1997), 20 OSCB 1217;
4. In the Matter of National Policy Statement No. 47 and the Solicitation of Expressions ofInterest [including National Policy Statement No. 47](1997), 20 OSCB 1217;
5. In the Matter of Certain Reporting Issuers (1997), 20 OSCB 1219;
6. In the Matter of Certain Reporting Issuers (1997), 20 OSCB 1218;
7. In the Matter of Certain Reporting Issuers (1997), 20 OSCB 1219;
8. In the Matter of Certain Reporting Issuers (1997), 20 OSCB 1219; and
9. In the Matter of Certain Reporting Issuers [including National Policy Statement No.41](1997), 20 OSCB 1219.
The notices and the amendments to the rules are published in Chapter 5 of the Bulletin.
Reference:
Randee B. Pavalow
Policy Coordinator/Advisor
Ontario Securities Commission
(416) 593-8257
Susan Greenglass
Legal Counsel, Policy Coordination
Ontario Securities Commission
(416) 593-8140
THE SECURITIES ACT
IN THE MATTER OF CERTAIN REPORTING ISSUERS
Notice of Amendment
The Commission has, under section 143 of the Securities Act (the "Act"), amended the ruleentitled In the Matter of Certain Reporting Issuers [including National Policy StatementNo. 41] (1997), 20 OSCB 1219 (the "Rule"). The amendment extends the expiration dateof the Rule from December 31, 1998 to December 31, 1999. This amendment, however,does not materially change the Rule and, accordingly, under section 143.2 of the Act, theCommission has not published the amendment for comment.
The amendment and the material required by the Act to be delivered to the Minister ofFinance were delivered on October 7, 1998. If the Minister does not approve theamendment, reject the amendment or return it to the Commission for further consideration,the amendment will come into force on December 21, 1998. If the Minister does approvethe amendment, the amendment will come into force 15 days after it is approved.
Substance and Purpose of Amendment
The Rule replaced the deemed rule entitled In the Matter of Certain Reporting Issuers(1988) 11 OSCB 1029 [including National Policy Statement No. 41 (1987),10 OSCB 6306].
The Rule provides that it will expire on the earlier of the date on which a new rule intendedto replace it comes into force and December 31, 1998. Proposed National Instrument 54-101 Communications with Beneficial Shareholders of a Reporting Issuer, which is intendedto replace the Rule, was published for a second comment period on July 17, 1998 at(1998), 21 OSCB 4491 and the comment period expired on September 15, 1998. Thepurpose of the amendment is to extend the expiration date from December 31, 1998 toDecember 31, 1999 in order to allow sufficient time for the Commission and its staff toconsider the comments received on the proposed National Instrument and for the reviewof the proposed National Instrument by the Minister.
Text of Amendment
The text of the amendment follows.
IN THE MATTER OF CERTAIN REPORTING ISSUERS
1.1 Amendment - The Rule entitled In the Matter of Certain Reporting Issuers[including National Policy Statement No. 41] is amended by deleting "December 31,1998" in the last sentence and replacing it with "December 31, 1999."