Commission Approval of Amendment: Policy Statement No. 47 and The Solicitation of Expressions of Interest [including National Policy Statement No. 47]
Commission Approval of Amendment: Policy Statement No. 47 and The Solicitation of Expressions of Interest [including National Policy Statement No. 47]
IN THE MATTER OF NATIONAL POLICY STATEMENT NO. 47 AND THESOLICITATION OF EXPRESSIONS OF INTEREST
Notice of Amendment
The Commission has, under section 143 of the Securities Act (the "Act"), amendedthe rule entitled In the Matter of the National Policy Statement No. 47 and theSolicitation of Expressions of Interest [including National Policy Statement No. 47](1997), 20 OSCB 1217, as amended by (1998), 21 OSCB 6434 (the "Rule"). Theamendment extends the expiration date of the Rule from December 31, 1999 toDecember 31, 2000. This amendment however, does not materially change theRule and, accordingly, under section 143.2 of the Act, the Commission has notpublished the amendment 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 the National PolicyStatement No. 47 and the Solicitation of Expressions of Interest (1993), 16 OSCB2832 [including National Policy Statement No. 47 (1993), 16 OSCB 765].
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 44-101 Short Form Prospectus Distributions, which is intended toreplace the Rule, was published for a second comment period on July 23, 1999 at(1999), 22 OSCB (POP Supp). The comment period for that publication expired onSeptember 24, 1999. The Canadian Securities Administrators received significantcomments in response to the July 23, 1999 publication. The purpose of theamendment is to extend the expiration date from December 31, 1999 to December31, 2000 in order to permit the consideration of comments received on theproposed National Instrument, the revision of the proposed National Instrumentwhere necessary and the finalization of the proposed National Instrument.
Text of Amendment
The text of the amendment follows.
DATED: October 8, 1999.
IN THE MATTER OF NATIONAL POLICY STATEMENT NO. 47 AND THE SOLICITATION OF EXPRESSIONS OF INTEREST
1.1 Amendment - The Rule entitled In the Matter of the National PolicyStatement No. 47 and the Solicitation of Expressions of Interest [includingNational Policy Statement No. 47] is amended by deleting "December 31,1999" in the last sentence and replacing it with "December 31, 2000."