| THE SECURITIES ACT | ) |
Order No. 3649 |
) |
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| Section 6.1(1) MSC Rule 2001-17 | ) |
February 6, 2002 |
SYSTEM FOR ELECTRONIC DISCLOSURE BY INSIDERS
(SEDI)
TEMPORARY EXEMPTION FOR SEDI FILERS
WHEREAS:
(A) On October 29, 2001, The Manitoba Securities Commission ("Commission") adopted MSC Rule 2001-17 – National Instrument 55-102 System for Electronic Disclosure by Insiders ("SEDI Rule") which requires reporting issuers to file issuer profiles and for insiders of reporting issuers to file insider reports using the System for Electronic Disclosure by Insiders (SEDI).
(B) On January 31, 2002 SEDI was shut down due to technical problems. SEDI will remain unavailable for an indefinite period of time for the technical problems to be resolved.
(C) Staff of the Commission recommends that until the technical problems with SEDI are resolved that reporting issuers and their insiders should be exempted from the requirement to use SEDI and to provide insiders of reporting issuers an alternative means of filing insider reports during the time SEDI is unavailable.
(D) The Commission is of the opinion it would not be prejudicial to grant the relief requested and that there is adequate justification for doing so.
IT IS ORDERED:
1. THAT, pursuant to subsection 6.1(1) of the SEDI Rule,
(a) an insider of a SEDI issuer is exempt from filing an insider report in SEDI format under section 2.2 of NI 55-102, provided the insider files the insider report in paper format in accordance with Part 3 of NI 55-102;
(b) an insider of a SEDI issuer is exempt from filing an amended insider profile under section 2.1(3)(a) of NI 55-102 provided the insider files an amended insider profile within 10 days after the SEDI operation date;
(c) a SEDI issuer is exempt from filing an issuer profile supplement under section 2.3(1) of NI 55-102 provided the SEDI issuer files an issuer profile supplement within 3 days after the SEDI operation date;
(d) a SEDI issuer is exempt from filing an amended issuer profile supplement under section 2.3(3) of NI 55-102 provided the SEDI issuer files an amended profile supplement as soon as possible after the SEDI operation date;
(e) A SEDI issuer is exempt from filing an issuer event report under section 2.4 of NI 55-102 with respect to issuer events occurring;
(f) An insider of a SEDI issuer who relied on the temporary hardship exemption under Part 4 of NI 55-102 prior to the date of this order, is exempt from section 4.1(5) of NI 55-102.
2. THAT, this order shall continue in effect until such time as it is revoked by the Commission.
BY ORDER OF THE COMMISSION
Deputy Director - Legal