General Ruling/Order
45-913 Exemptions for Capital Accumulation Plans
On
October 21, 2005 the Director granted
General Ruling/Order 45-913
Exemptions for Capital Accumulation Plans
(“GRO
45-913”). GRO
45-913 grants
registration and prospectus exemptions to permit trades of mutual
fund securities to a capital accumulation plan or to a member of a
capital accumulation plan on certain conditions (the "CAP
exemption").
This CAP exemption
implements certain parts of the Guidelines for Capital
Accumulation Plans that were developed by the Joint Forum of
Financial Market Regulators. The Guidelines and GRO 45-913
apply to certain tax assisted capital accumulation plans such as
defined contribution pension plans and group registered retirement
savings plans where plan members make investment choices.
Members of the
CSA, except for Ontario and Quebec, are each adopting
local exemptions that are equivalent to GRO 45-913. Ontario
and Quebec will grant relief to applicants who apply for the
exemption on a case by case basis.
On October 21,
2005 the CSA has published a request for comments on amendments to
National Instrument 45-106 Prospectus and Registration
Exemptions that will make the CAP exemption part of NI
45-106.
October 21,
2005
Contact:
Dean Murrison
Deputy Director, Legal/Registration
Securities Division
Saskatchewan Financial Services Commission
(306) 787-5879
dmurrison@sfsc.gov.sk.ca
