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

 

NOTICE OF COMMISSION APPROVAL OF
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

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NOTICE OF AMENDMENT TO RULE UNDER
THE SECURITIES ACT
IN THE MATTER OF THE LIMITATIONS ON A REGISTRANT UNDERWRITING
SECURITIES OF A RELATED ISSUER OR 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 (the "Rule"). Theamendment extends the expiration date of the Rule from December 31, 1998 to December31, 1999. 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 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 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 will expire on the earlier of the date on which a new rule intendedto replace it comes into force and December 31, 1998. 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 and the comment period expiredMay 8, 1998. The purpose of the amendment is to extend the expiration date fromDecember 31, 1998 to December 31, 1999 in order to permit the consideration ofcomments received on the proposed Multilateral Instrument by the Commission and itsstaff and the review of the proposed Multilateral Instrument by the Minister.

Text of Amendment

The text of the amendment follows.

 

AMENDMENT TO ONTARIO SECURITIES COMMISSION RULE
IN THE MATTER OF THE LIMITATIONS ON A REGISTRANT UNDERWRITING
SECURITIES 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, 1998" in the last sentence and replacing itwith "December 31, 1999."