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Regulation to Amend Regulation 1015 of the Revised Regulations of Ontario, 1990 Made under the Securities Act, Re: OSC Rule 41-501
NOTICE OF MINISTER OF FINANCE APPROVAL OF
FINAL RULE 41-501 GENERAL PROSPECTUS REQUIREMENTS
FORM 41-501F1 INFORMATION REQUIRED IN A PROSPECTUS
FORM 41-501F2 AUTHORIZATION OF INDIRECT COLLECTION
OF PERSONAL INFORMATION
FORM 41-501F3 ISSUER FORM OF SUBMISSION TO JURISDICTION
AND APPOINTMENT OF AGENT FOR SERVICE OF PROCESS
FORM 41-501F4 NON-ISSUER FORM OF SUBMISSION TO JURISDICTION
AND APPOINTMENT OF AGENT FOR SERVICE OF PROCESS
AND
NOTICE OF AMENDMENT TO REGULATION 1015 OF
THE REVISED REGULATIONS OF ONTARIO, 1990
MADE UNDER THE SECURITIES ACT
IN CONNECTION WITH OSC RULE 41-501
On November 27, 2000, the Minister of Finance approved Rule 41-501 General Prospectus Requirements (the "Rule"), Form 41-501F1 Information Required In a Prospectus (the "Prospectus Form"), Form 41-501F2 Authorization of Indirect Collection of Personal Information ("Form F2"), Form 41-501F3 Issuer Form of Submission to Jurisdiction and Appointment of Agent for Service of Process ("Form F3"), and Form 41-501F4 Non-Issuer Form of Submission to Jurisdiction and Appointment of Agent for Service of Process ("Form F4") (the Prospectus Form, Form F2, Form F3, Form F4, collectively, the "Forms"). Previously, materials related to the Rule, the Forms and Companion Policy 41-501CP (the "Companion Policy") were published in the Bulletin on May 2, 1997; July 23, 1999; December 17, 1999; and October 13, 2000. The Rule, Companion Policy and the Forms will come into effect on December 31, 2000.
The Commission is publishing in a Special Supplement to this issue of the OSC Bulletin, the final Rule, Companion Policy and Forms. The Rule and Forms will also be published in the Ontario Gazette on December 23, 2000.
The Minister of Finance has also approved a regulation to amend and revoke certain sections of Regulation 1015 of the Revised Regulations of Ontario, 1990 made under the Securities Act (the "Regulation") in connection with the Rule and Forms. The amendments and revocations to the Regulations will come into force at the time that the Rule and Forms come into force and will be published in the Ontario Gazette on December 23, 2000. The Regulation is published in chapter 9 of this OSC Bulletin.
REGULATION TO AMEND
REGULATION 1015 OF THE REVISED REGULATIONS OF ONTARIO, 1990
MADE UNDER THE
SECURITIES ACT
Note: Since the end of 1999, Regulation 1015 has been amended by Ontario Regulations 3/00, 108/00, 133/00, 222/00, 342/00 and 468/00. Previous amendments are listed in the Table of Regulations published in The Ontario Gazette dated January 22, 2000.
1. Subsection 1 (4) of Regulation 1015 of the Revised Regulations of Ontario, 1990 is amended by striking out "Subject to section 58" and substituting "Subject to Ontario Securities Commission Rule 41-501 General Prospectus Requirements and to National Instrument 44-101 Short Form Prospectus Distributions and".
2. (1) Subsection 2 (3) of the Regulation is revoked and the following substituted:
(3) If the issuer is a bank listed in Schedule 1 or II to the Bank Act (Canada) or is a company undertaking and transacting life insurance that is licensed under the Insurance Act, the issuer’s financial statements are not required to comply with the following provisions if the financial statements are prepared in accordance with a statute incorporating, continuing or governing the issuer and in accordance with any applicable generally accepted accounting principles:
1.Subsection (1).
2.Subsection 9.1 (1) of Ontario Securities Commission Rule 41-501 General Prospectus Requirements.
3.Subsection 7.1 (1) of National Instrument 44-101 Short Form Prospectus Distributions.
(2) Subsection 2 (5) of the Regulation is amended by striking out "sections 9, 52, 65, 91 and 94" and substituting "sections 9, 91 and 94".
3. Sections 34, 35, 36 and 37 of the Regulation are revoked.
4. Paragraphs 1, 2, 4, 5, 6 and 7 of subsection 38 (1) of the regulation are revoked.
5. Sections 39, 40, 41 and 42 of the Regulation are revoked.
6. Sections 45, 46, 47, 48 and 49 of the Regulation are revoked.
7. Sections 52, 53, 55, 56, 57, 58 and 59 of the Regulation are revoked.
8. Sections 61, 62, 63, 64, 65 and 66 of the Regulation are revoked.
9. Section 72 of the Regulation is revoked and the following substituted:
72. The following provisions apply with necessary modifications to a statement of material facts:
1.Section 60.
2.Subsection 3.2 (4), section 4.9, Part 9, section 10.1, paragraphs 2 and 3 of subsection 13.2 (1), paragraph 6 of subsection 13.2 (2), paragraphs 7 and 8 of subsection 13.3 (1), paragraph 1 of subsection 13.3 (2), section 13.4 and clause 13.7 (3) (d) of Ontario Securities Commission Rule 41-501 General Prospectus Requirements.
3.Item 9 of Form 41-501F1 Information Required in a Prospectus.
10. Sections 80, 81 and 82 of the Regulation are revoked.
11. Forms 12, 13 and 14 of the Regulation are revoked.
12. This Regulation comes into force on the day that the rule made by the Ontario SecuritiesCommission on September 12, 2000 entitled "Ontario Securities Commission Rule 41-501 General Prospectus Requirements" comes into force.
ONTARIO SECURITIES COMMISSION:
"J.A. Geller", Vice-Chair
"Stephen N. Adams", Commissioner
Dated on September 12, 2000.
Note:The rule made by the Ontario Securities Commission on September 12, 2000 entitled "Ontario Securities Commission Rule 41-501 General Prospectus Requirements" comes into force on December 31, 2000.