Industrial Alliance Insurance and Financial Services Inc. and Industrial Alliance Capital Trust - MRRS Decision
Headnote
Mutual Reliance Review System for Exemptive Relief Applications -- Exemption from the requirements to file annual certificates and interim certificates under Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings granted to a capital trust sponsored by an insurance company, subject to specified conditions, where the trust had previously been exempted from the requirements to file financial statements, MD&A and AIFs.
Applicable Instruments
Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.
National Instrument 51-102 Continuous Disclosure Obligations.
IN THE MATTER OF
THE SECURITIES LEGISLATION OF
ONTARIO, ALBERTA, SASKATCHEWAN, MANITOBA,
NEW BRUNSWICK, NEWFOUNDLAND AND LABRADOR,
NOVA SCOTIA, NORTHWEST TERRITORIES,
NUNAVUT AND YUKON
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC.
AND INDUSTRIAL ALLIANCE CAPITAL TRUST
MRRS DECISION DOCUMENT
WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of Ontario, Alberta, Saskatchewan, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Northwest Territories, Nunavut and Yukon (the "Jurisdictions") has received an application from Industrial Alliance Insurance and Financial Services Inc. (the "Corporation") and Industrial Alliance Capital Trust (the "Trust") for a decision pursuant to the securities legislation of the Jurisdictions (the "Legislation"), that the requirements contained in the Legislation to:
(a) file annual certificates ("Annual Certificates") with the Decision Makers under section 2.1 of Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings ("MI 52-109"); and
(b) file interim certificates ("Interim Certificates" and together with the Annual Certificates, the "Certification Filings") with the Decision Makers under section 3.1 of MI 52-109;
shall not apply to the Trust, subject to certain terms and conditions;
AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the "System"), the Ontario Securities Commission is the principal regulator for this application;
AND WHEREAS, unless otherwise defined, the terms herein have the meaning set out in National Instrument 14-101 Definitions;
AND WHEREAS pursuant to a Mutual Reliance Review System decision document dated July 24, 2003 (the "Previous Decision"), the Trust is exempt from the requirements of securities legislation in the jurisdictions of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, Nova Scotia and Newfoundland and Labrador, as applicable, concerning the preparation, filing and delivery of (i) interim financial statements and audited annual financial statements, (ii) annual filings in lieu of filing an information circular, where applicable and (iii) an annual information form (an "AIF") and management's discussion and analysis of the financial condition and results of operation of the Trust ("MD&A");
AND WHEREAS the Trust has delivered a notice dated May 25, 2004 to the applicable securities regulatory authorities or regulators under subsection 13.2(2) of National Instrument 51-102 Continuous Disclosure Obligations stating that it intends to rely on the Previous Decision to the same extent and on the same conditions as contained in the Previous Decision;
AND WHEREAS the Corporation and the Trust represented to the Decision Makers that:
1. Since the date of the Previous Decision, there have been no material changes to the representations of either the Trust or the Corporation contained in the Previous Decision.
2. The Trust is a reporting issuer or the equivalent in each of the Jurisdictions providing for such a regime and is not in default of any requirement under the Legislation.
3. The outstanding securities of the Trust consist of: (i) Special Trust Securities, all of which are held by the Corporation; and (ii) Industrial Alliance Trust Securities -- Series A.
4. The Previous Decision exempts the Trust from the requirements to file its own interim financial statements and interim MD&A (collectively, the "Interim Filings") and (ii) its own AIF, annual financial statements and annual MD&A, as applicable (collectively, the "Annual Filings") and therefore, it would not be meaningful or relevant for the Trust to file its own Certification Filings.
5. Because of the terms of securities publicly offered by the Trust, and by virtue of certain agreements and covenants of the Corporation in connection therewith, information regarding the affairs and financial condition of the Corporation, as opposed to that of the Trust, is meaningful to holders of such securities and it is appropriate that the Corporation's Certification Filings be available to such security holders of the Trust in lieu of the Certification Filings of the Trust.
AND WHEREAS under the System, this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the "Decision");
AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;
THE DECISION of the Decision Makers under the Legislation is that the requirement contained in the Legislation:
(a) to file Annual Certificates with the Decision Makers under section 2.1 of MI 52-109; and
(b) to file Interim Certificates with the Decision Makers under section 3.1 of MI 52-109;
shall not apply to the Trust for so long as:
(i) the Trust is not required to, and does not, file its own Interim Filings and Annual Filings;
(ii) the Corporation files with the Decision Makers, in electronic format under the Trust's SEDAR profile, the Corporation's Annual Certificates and Interim Certificates at the same time as such documents are required under the Legislation to be filed by the Corporation;
(iii) the Trust qualifies for the relief contemplated by, and is in compliance with, the requirements and conditions set out in the Previous Decision;
and provided that if a material adverse change occurs in the affairs of the Trust, this Decision shall expire 30 days after the date of such change.
August 3, 2004.
"Erez Blumberger"