Definition

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).

Mutual Fund Trustee exemption from section 70 of the Financial Institutions Act

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).