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Commission Approval of Amendment: Shelf Prospectus Offerings and for Pricing Offerings after the Prospectus is Receipted
Commission Approval of Amendment: Shelf Prospectus Offerings and for Pricing Offerings after the Prospectus is Receipted
IN THE MATTER OF RULES FOR SHELF PROSPECTUS OFFERINGS AND FOR PRICING OFFERINGS AFTER THE FINAL PROSPECTUS IS RECEIPTED
Notice of Amendment
The Commission has, under section 143 of the Securities Act (the "Act"), amendedthe rule entitled In the Matter of Rules for Shelf Prospectus Offerings and for PricingOfferings After the Prospectus is Receipted (1991), 14 OSCB 1824 [includingNational Policy Statement No. 44 (1991), 14 OSCB 1844], as amended by (1998),21 OSCB 7209 (the "Rule"). The amendment extends the expiration date of theRule from December 31, 1999 to December 31, 2000. This amendment however,does not materially change the Rule and, accordingly, under section 143.2 of theAct, the Commission has not published the Rule for comment.
The amendment and the material required by the Act to be delivered to the Ministerof Finance were delivered on October 5, 1999. If the Minister does not approve theamendment, reject the amendment or return it to the Commission for furtherconsideration, the amendment will come into force on December 19, 1999. If theMinister does approve the amendment, the amendment will come into force 15 daysafter it is approved.
Substance and Purpose of Amendment
The Rule replaced the deemed rule entitled In the Matter of Rules for ShelfProspectus Offerings and for Pricing Offerings After the Prospectus is Receipted(1991), 14 OSCB 1824 [including National Policy Statement No. 44 (1991), 14OSCB 1844] (the "Rule").
The Rule provides that it will expire on the earlier of the date on which a new ruleintended to replace it comes into force and December 31, 1999. Proposed NationalInstrument 44-102 Shelf Distributions and proposed National Instrument 44-103Post-Receipt Pricing, which are intended to replace the Rule, were published forcomment on October 2, 1998 at (1998), 21 OSCB 6191 and 6233. As proposedNational Instrument 44-101, National Instrument 44-102 and National Instrument44-103 all deal with prospectus distributions, the Canadian SecuritiesAdministrators intend to have all three national instruments come into force at thesame time. Proposed National Instrument 44-101 was published for comment onJuly 23, 1999 at (1999), 22 OSCB (POP Supp). The comment period for thatpublication expired on September 24, 1999. The Canadian SecuritiesAdministrators received significant comments in response to the July 23, 1999publication. The purpose of the amendment is to extend the expiration date fromDecember 31, 1999 to December 31, 2000 so that National Instrument 44-102 andNational Instrument 44-103 can come into effect at the same time as NationalInstrument 44-101. It is expected that National Instrument 44-101 will not come intoforce until after December 31, 1999.
Text of Amendment
The text of the amendment follows.
DATED: October 8, 1999.
IN THE MATTER OF RULES FOR SHELF PROSPECTUS OFFERINGS AND FOR PRICING OFFERINGS AFTERTHE FINAL PROSPECTUS IS RECEIPTED
1.1 Amendment - The Rule entitled In the Matter of Rules for Shelf ProspectusOfferings and for Pricing Offerings After the Prospectus is Receipted isamended by deleting "December 31, 1999" in the last sentence andreplacing it with "December 31, 2000."