Final Amendment to Rule (effective April 9, 1997): OSC Rule - 32-503 - Registration and Prospectus Exemption for Trades by Financial Intermediaries in Mutual Fund Securities to Corporate Sponsored Plans

 

AMENDMENT TO ONTARIO SECURITIES COMMISSION RULES

RULE 32-503

REGISTRATION AND PROSPECTUS EXEMPTION FOR TRADES

BY FINANCIAL INTERMEDIARIES IN MUTUAL FUND

SECURITIES TO CORPORATE SPONSORED PLANS

1.1 Amendments - Rule 32-503 Registration and Prospectus Exemption for Trades by Financial Intermediaries in Mutual Fund Securities to CorporateSponsored Plans is amended by

(a) deleting the words in section 1.1 "Up to and including March 31, 1998,";

(b) deleting paragraph (a) of section 1.1 and replacing it with the following:

"(a) a security of a mutual fund, if the security is sold to a pension plan, deferred profit sharing plan, retirement savings plan or other similar capital accumulationplan maintained by the sponsor of the plan for its employees, and

(i) the employees deal only with the sponsor in respect of their participation in the plan and the purchase of the security by the plan, or

(ii) the decision to purchase the security is not made by or at the direction of the employee, or";

(c) deleting the words in section 1.2 "Up to and including March 31, 1998,";

(d) deleting paragraph (a) of section 1.2 and replacing it with the following:

"(a) a security of a mutual fund, if the security is sold to a pension plan, deferred profit sharing plan, retirement savings plan or other similar capital accumulationplan maintained by the sponsor of the plan for its employees, and

(i) the employees deal only with the sponsor in respect of their participation in the plan and the purchase of the security by the plan, or

(ii) the decision to purchase the security is not made by or at the direction of the employee, or"; and

(e) deleting Part 2 of the Rule.