Point in Time - Securities Act

"Point in Time" Regulation Content

Securities Act

National Instrument 81-105 Mutual Fund Sales Practices

B.C. Reg. 131/98

SECTION	EFFECTIVE DATE
NOTE: Links below go to regulation content as it was prior to the changes made on the effective date. (PIT covers changes made from September 19, 2009 to "current to" date of the regulation.)
Section 1.1	September 28, 2009
	December 31, 2021
	June 1, 2022
Section 1.2	September 28, 2009
	September 22, 2014
Section 2.2	June 1, 2022
Section 3.1	June 1, 2022
Section 3.2	June 1, 2022

Section 1.1 definition "representative" BEFORE amended by BC Reg 226/2009, effective September 28, 2009.

"representative" means, for a participating dealer,

(a) a distribution of securities of a mutual fund that offers or has offered securities under a prospectus or simplified prospectus for so long as the mutual fund remains a reporting issuer; and

(b) managers that are affiliates of each other; and

Section 1.1 definition "suitability determination" was added by BC Reg 343/2021, effective December 31, 2021.

Section 1.1 definition of "member of the organization", paragraph (d) BEFORE amended by BC Reg 343/2021, effective June 1, 2022.

(d) an affiliate of any of the persons or companies referred to in paragraph (a), (b) or (c), or

Section 1.2 BEFORE amended by BC Reg 226/2009, effective September 28, 2009.

Interpretation

1.2 Terms defined in National Policy Statement No. 39, or in a successor instrument to that policy statement, and used in this Instrument have the respective meanings ascribed to them in National Policy Statement No. 39 or the successor instrument, whichever is in force.

Section 1.2 BEFORE amended by BC Reg 176/2014, effective September 22, 2014.

Interpretation

1.2 Terms defined in National Instrument 81-102 Mutual Funds and used in this Instrument have the respective meanings ascribed to them in National Instrument 81-102 Mutual Funds.

Section 2.2 (3) was added by BC Reg 343/2021, effective June 1, 2022.

Section 3.1 BEFORE repealed by BC Reg 343/2021, effective June 1, 2022.

Commissions

3.1 A member of the organization of a mutual fund may pay to a participating dealer a commission in money for the distribution of a security of the mutual fund made through the participating dealer, if

(a) the obligation to make the payment arises at the time of the trade;

(b) the prospectus or simplified prospectus of the mutual fund discloses the range of rates of commissions that may be paid and the method of calculation used in determining the amount of those commissions; and

(i) based on increases in the amount or value of securities of the mutual fund sold, or of mutual funds in the same mutual fund family as the mutual fund sold, or of any or all of the foregoing,

(ii) based on increases in the amount or value of securities of the mutual fund, or of mutual funds in the same mutual fund family as the mutual fund, or of any or all of the foregoing, held in accounts of clients of the participating dealer, or

(iii) for a particular period of the year in which the commission is paid or earned.

Section 3.2 (1) (part) BEFORE amended by BC Reg 343/2021, effective June 1, 2022.

(1) A member of the organization of a mutual fund may pay to a participating dealer a trailing commission in money that is based upon the aggregate value of securities of the mutual fund held in accounts of clients of the participating dealer as at a particular time or during a particular period, if

Section 3.2 (1) (a) BEFORE amended by BC Reg 343/2021, effective June 1, 2022.

(a) the obligation to make the payment arises after the time of the trade;

Section 3.2 (1) (a.1) and (4) were added by BC Reg 343/2021, effective June 1, 2022.