Investment Fund Trustee Exemption Regulation

B.C. Reg. 7/2016
O.C. 26/2016

Deposited January 29, 2016

This consolidation is current to March 21, 2023.

Financial Institutions Act

Investment Fund Trustee
Exemption Regulation

Definition

1 In this regulation:

"executive director" means the "executive director" as defined in section 1 of the Securities Act;

"investment fund trust" means an "investment fund", as defined in section 1 of the Securities Act, that is organized as a trust;

"manager" means an "investment fund manager" as defined in section 1 of the Securities Act;

"security" means a "security" as defined in section 1 of the Securities Act.

Exemption from section 70 of the Financial Institutions Act

2 If a corporation is carrying on trust business in British Columbia with respect to an investment fund trust, section 70 of the Financial Institutions Act does not apply to the corporation in respect of the trust business if

(a) the corporation is the manager of the investment fund trust, and

(b) one or both of the following apply:

(i) the securities of the investment fund trust are distributed only by means of a prospectus or simplified prospectus for which the executive director has issued a receipt under the Securities Act;

(ii) all portfolio assets of the investment fund trust are held by an entity qualified to act as a custodian or sub-custodian, in respect of those assets, under section 6.2 or 6.3 of National Instrument 81–102 Investment Funds.

[Provisions relevant to the enactment of this regulation: Financial Institutions Act, R.S.B.C. 1996, c. 141, section 289 (4) (o)]