B.C. Reg. 113/2004, deposited March 24, 2004, pursuant to the SECURITIES ACT [Section 184]. Order of the British Columbia Securities Commission, dated March 23, 2004.

The British Columbia Securities Commission orders that the Securities Rules, B.C. Reg. 194/97, is amended as set out below.

1 Effective March 30, 2004, the amendments set out in the attached Schedule A are made.

2 Effective June 1, 2004, the amendments set out in the attached Schedule B are made.

3 Effective December 1, 2004, section 144 is amended

(a) in subsection (1) by striking out "other than a mutual fund" and substituting "that is a non-redeemable investment fund",

(b) in subsection (1) (a) by striking out "reporting issuer" and substituting "non-redeemable investment fund",

(c) in subsection (1) (b) by striking out "reporting issuer" and substituting "non-redeemable investment fund", and

(d) in subsection (8) by striking out "including a" and substituting "that is a non-redeemable investment fund, or".

4 Effective May 20, 2005, section 145 (1) is amended by striking out ", including" and substituting "that is a non-redeemable investment fund, or".

5 Effective May 20, 2005, section 152 is amended by adding "that is an investment fund" after "exchange issuer".

— D. HYNDMAN, British Columbia Securities Commission.

Schedule A

1 Section 1 (1) of the Securities Rules, B.C. Reg. 194/97, is amended by

(a) repealing the definition of "finance issuer", and

(b) adding the following definitions:

"investment fund" means an investment fund as defined in NI 51-102;

"NI 51-102" means National Instrument 51-102 Continuous Disclosure Obligations;

"NI 52-107" means National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency;

"NI 71-102" means National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers;

"non-redeemable investment fund" means a non-redeemable investment fund as defined in NI 51-102.

2 Section 144 is amended in subsection (3) by striking out "or public accountant's report, but if an auditor or public accountant has been associated with those statements, the communication that is appropriate in the circumstances must accompany the statements" and substituting "report".

3 Section 146 is amended by striking out "If a reporting issuer or a mutual fund in British Columbia proposes" and substituting "If a mutual fund in British Columbia, or a non-redeemable investment fund that is a reporting issuer, proposes".

4 Section 150 is repealed.

5 Section 153 is amended

(a) in subsection (1) by striking out "every reporting issuer" and substituting "an investment fund that is a reporting issuer",

(b) in subsection (2) by striking out "A reporting issuer" and substituting "An investment fund that is a reporting issuer", and

(c) in subsection (3) by striking out "the National Instrument entitled "System for Electronic Document Analysis and Retrieval (SEDAR)", a reporting issuer" and substituting "National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR), an investment fund that is a reporting issuer".

6 Section 154 is repealed and the following substituted:

Filing of records filed in another jurisdiction

154 If an investment fund is a reporting issuer, and the laws of the jurisdiction in which the investment fund carries on business, or in which the investment fund was incorporated, organized or continued, require the investment fund to file substantially the same information in that jurisdiction as is required by these rules, the investment fund may comply with the filing requirements of these rules by filing a copy of the press release, timely disclosure report, information circular or financial statements and auditor's report, as the case may be, required by that jurisdiction, if those records are signed and certified in accordance with section 189.

Schedule B

1 Section 183 (1) is amended by adding "of an investment fund" after "security holders".

2 Section 184 is amended

(a) in subsection (1) by adding "an investment fund that is" before "a reporting issuer is required to" and by striking out "the reporting issuer" and substituting "the investment fund",

(b) by repealing subsection (2), and

(c) in subsection (3) by striking out "and report".

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