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Version of document from 2006-03-22 to 2006-11-27:

Prospectus Exemptions (Banks) Regulations

SOR/94-73

BANK ACT

Registration 1994-01-13

Prospectus Exemptions (Banks) Regulations

P.C. 1994-52 1994-01-13

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 275(1)(e) and (f) of the Bank ActFootnote *, is pleased hereby to make the annexed Regulations respecting the exemption of certain classes of distributions of securities from the application of sections 273 to 282 of the Bank Act.

 [Repealed, SOR/2001-415, s. 2]

Interpretation

 In these Regulations, Act means the Bank Act. (Loi)

Exemptions from Prospectus Requirements

 Sections 273, 274 and 276 to 282 of the Act do not apply in respect of a distribution

  • (a) outside Canada or to persons residing outside Canada;

  • (b) that consists solely of trades made between a bank, or a person or group of persons referred to in paragraph 273(3)(b) of the Act, and not more than 25 persons, where the trades result in not more than 25 persons being beneficial owners of the securities so traded;

  • (c) that consists of a trade or trades made in the course of

    • (i) a transaction under which a bank acquires ownership of the assets of an entity that in turn ceases to exist, or

    • (ii) an amalgamation by a bank with one or more other bodies corporate;

  • (d) that is in the form of

    • (i) a share issued as a share dividend,

    • (ii) shares issued to shareholders of a bank pursuant to the exercise of a pre-emptive right referred to in section 68 of the Act,

    • (iii) shares issued to shareholders of a bank pursuant to the exercise of a right to purchase additional shares of the bank,

    • (iv) shares issued as a result of the exercise of options or rights granted to directors, officers or employees of a bank, or

    • (v) any other securities transferred or issued through the exercise by a person of a right to purchase, convert or exchange shares;

  • (e) in respect of which no prospectus is required to be filed under the laws of, or under a policy or practice in effect in, the province in which the distribution is to be made; or

  • (f) that is made in accordance with a short form prospectus system under the laws of, or under a policy or practice in effect in, the province in which the distribution is to be made.

  • SOR/2001-415, s. 3

 When a bank or other person applies to the Superintendent under section 276 of the Act for the exemption of a proposed distribution from the application of sections 273, 274 and 277 to 282 of the Act, the bank or other person must send the Superintendent a copy of all information that is required to be provided to the authority charged with the administration of the laws, policy or practice regarding distributions in the jurisdiction in which the distribution is to be made.

  • SOR/97-502, s. 1
  • SOR/2001-415, s. 4
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