Commission Approval of Amendment: Limitations on a Registrant Underwriting Securities of a Related Issuer or Connected Issuer of the Registrant

Commission Approval of Amendment: Limitations on a Registrant Underwriting Securities of a Related Issuer or Connected Issuer of the Registrant

Pre-Reformulation

NOTICE OF AMENDMENT TO RULE UNDER THE SECURITIES ACT
IN THE MATTER OF THE LIMITATIONS ON A REGISTRANT UNDERWRITING SECURITIES OF A RELATED ISSUEROR CONNECTED ISSUER OF THE REGISTRANT

 

Notice of Amendment

The Commission has, under section 143 of the Securities Act (the "Act"), amended the ruleentitled In the Matter of the Limitations on a Registrant Underwriting Securities of a RelatedIssuer or Connected Issuer of the Registrant (1997), 20 OSCB 1217, as amended by(1998), 21 OSCB 6431 (the "Rule"). The amendment extends the expiration date of theRule from December 31, 1999 to December 31, 2000. This amendment, however, doesnot 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 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 the Limitations on a RegistrantUnderwriting Securities of a Related Issuer or Connected Issuer of the Registrant (1992),15 OSCB 3645.

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 Multilateral Instrument33-105 Underwriting Conflicts, which is intended to replace the Rule was published forcomment on February 6, 1998 at (1998), 21 OSCB 781. Given the complexity and urgencyof the various matters currently before the Canadian Securities Administrators and staffresources, it has not been possible to finalize the proposed Multilateral Instrument byDecember 31, 1999. The purpose of the amendment is to extend the expiration date ofthe Rule from December 31, 1999 to December 31, 2000 in order to allow the Commissionand other members of the Canadian Securities Administrators appropriate time to finalizethe Multilateral Instrument.

Text of Amendment

The text of the amendment follows.

DATED: October 8, 1999.




AMENDMENT TO ONTARIO SECURITIES COMMISSION RULE
IN THE MATTER OF THE LIMITATIONS ON A REGISTRANT UNDERWRITINGSECURITIES OF A RELATED ISSUER OR CONNECTED ISSUER OF THE REGISTRANT


1.1 Amendment - The Rule entitled In the Matter of the Limitations on a RegistrantUnderwriting Securities of a Related Issuer or Connected Issuer of the Registrantis amended by deleting "December 31, 1999" in the last sentence and replacing itwith "December 31, 2000."