Securities Law & Instruments


 

ONTARIO REGULATION

MADE UNDER THE

SECURITIES ACT


AMENDING REG. 1015 OF R.R.O. 1990

(GENERAL)


Note: Regulation 1015 has previously been amended. Those amendments are listed in the Table of Regulations published in The Ontario Gazette dated January 20, 2001.


1. Section 33 of Regulation 1015 of the Revised Regulations of Ontario, 1990 is revoked.


2. Section 44 of the Regulation is revoked and the following substituted:


44. The prospectus of a commodity pool, as defined in National Instrument 81-101 Mutual Fund Prospectus Disclosure, or of a scholarship plan shall be prepared in accordance with Form 15.


3. Section 51 of the Regulation is amended by striking out "preliminary prospectus, prospectus or summary statement" and substituting "preliminary prospectus or prospectus".


4. (1) Subsection 54 (1) of the Regulation is amended by striking out "and every summary statement of a mutual fund" in the portion before clause (a).


(2) Subsections 54 (2) and (3) of the Regulation are revoked and the following substituted:


(2) The financial statements described in subsection (1) may be omitted from the prospectus of the mutual fund if a copy of the financial statements that are otherwise required by subsection (1) is filed concurrently with the filing of the prospectus or if a copy of them has previously been filed under section 78 of the Act.


(3) If, under subsection (2), a prospectus of a mutual fund does not contain the financial statements described in subsection (1), a prospectus that is sent or delivered to a purchaser of securities under section 71 or under subsection 63 (5) of the Act shall be accompanied by,


(a) a copy of the financial statements that are otherwise required by subsection (1); and


(b) if one or more financial statements for periods subsequent to those covered by the financial statements referred to in clause (a) have been filed under section 77 or 78 of the Act, a copy of the financial statements most recently filed before the day on which the prospectus is sent or delivered to the purchaser.


(3) Subsection 54 (4) of the Regulation is amended by striking out the portion before the statement and substituting the following:


(4) If, under subsection (2), a prospectus of a mutual fund does not contain the financial statements described in subsection (1), the following statement shall be printed on the outside cover page of the prospectus:

. . . . .

5. Section 237 of the Regulation is revoked and the following substituted:


237. A prospectus of a labour sponsored investment fund corporation shall be in Form 45.


6. Form 16 of the Regulation is revoked.


7. This Regulation comes into force on the day the rule made by the Ontario Securities Commission on January 16, 2001 entitled "Ontario Securities Commission Rule 41-502 Prospectus Requirements for Mutual Funds" comes into force.


ONTARIO SECURITIES COMMISSION:


H. I. Wetston, Paul M. Moore"


March 22, 2001.


Note: The rule made by the Ontario Securities Commission on January 16, 2001 entitled "Ontario Securities Commission Rule 41-502 Prospectus Requirements for Mutual Funds" comes into force on April 5, 2001.


The attached Regulation made by the Ontario Securities Commission under the Securities Act on March 22, 2001 is approved.


James M. Flaherty


March 30, 2001.