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]
IN THE MATTER OF CERTAIN REPORTING ISSUERS [INCLUDING NATIONAL POLICY STATEMENT NO. 41]
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 Statement No.41] (1997), 20 OSCB 1219, as amended (1998), 21 OSCB 6437 (the "Rule"). Theamendment extends the expiration date of the Rule from December 31, 1999 to December31, 2000. This amendment, however, does not materially change the Rule and,accordingly, under section 143.2 of the Act, the Commission has not published theamendment for comment.
The amendment and the material required by the Act to be delivered to the Minister ofFinance were delivered on October 5, 1999. 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 19, 1999. 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 OSCB6306].
The Rule provides that it expires on the earlier of the date on which a new rule intendedto replace it comes into force and December 31, 1999. Proposed National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer, which isintended to replace the Rule, was published for a second comment period on July 17, 1998at (1998), 21 OSCB 4491. The purpose of the amendment is to extend the expiration dateof the Rule from December 31, 1999 to December 31, 2000 in order to allow theCommission and other members of the Canadian Securities Administrators appropriatetime to finalize the proposed National Instrument and to avoid imposing additionaldemands on market participants involved in Y2K compliance at this time.
Text of Amendment
The text of the amendment follows.
DATED: October 8, 1999.
IN THE MATTER OF CERTAIN REPORTING ISSUERS [INCLUDING NATIONAL POLICY STATEMENT NO. 41]
1.1 Amendment - The Rule entitled In the Matter of Certain Reporting Issuers[including National Policy Statement No. 41] is amended by deleting "December 31,1999" in the last sentence and replacing it with "December 31, 2000."