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| B.C. Reg. 142/2000 O.C. 655/2000 |
Deposited May 5, 2000 |
| This archived regulation consolidation is current to April 1, 2005 and includes changes enacted and in force by that date. For the most current information, click here. |
Financial Institutions Act
1 In this regulation, "mutual fund trust" means
(a) a "mutual fund" as defined in section 1 of the Securities Act organized as a trust,
(b) a "mutual fund trust" as defined in section 132 (6) of the Income Tax Act (Canada), or
(c) a trust that is not yet described by paragraph (b) but is acting in anticipation of making an election described in section 132 (6.1) of the Income Tax Act (Canada).
2 (1) A corporation is exempt from section 70 of the Financial Institutions Act on condition that
(a) it acts as the trustee of a mutual fund trust in British Columbia,
(b) it is the manager, within the meaning of National Instrument 81 - 102, of the mutual fund trust, and
(c) the securities, as defined in section 1 of the Securities Act, of that mutual fund trust are only distributed by means of a prospectus or simplified prospectus for which the executive director, as defined in section 1 of the Securities Act, has issued a receipt under the Securities Act.
(2) A corporation is exempt under subsection (1) only for the purposes of the mutual fund trust described by subsection (1).
[Provisions of the Financial Institutions Act, R.S.B.C. 1996, c. 141, relevant to the enactment of this regulation: section 289 (4) (o)]
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