12-501 - Exemption for Discretionary Exemptions applied before March 17, 2008

Securities Act
R.S.P.E.I. 1988, Cap-S-3.1

Document Type: Local Rule
Document No: 12-501
Subject: Exemption for Discretionary Exemptions applied before March 17, 2008 (from provisions not in force in Prince Edward Island before March 17, 2008).
Effective Date: March 17, 2008

Local Rule 12-501 Exemption for Discretionary Exemptions applied for before March 17, 2008 (from provisions not in force in Prince Edward Island before March 17, 2008).

Part 1 Definitions

1.1 In this Rule,
“equivalent provision in Prince Edward Island” means, for a provision listed in Appendix D of Multilateral Instrument 11-102 below the name of a jurisdiction other than Prince Edward Island, the provision set opposite that provision below the name of Prince Edward Island;
“Multilateral Instrument 11-102" means MI 11-102 - Passport System of the Canadian Securities Administrators, made effective March 17, 2008;
“specified provision of securities legislation” means a provision of securities legislation listed in Appendix D of Multilateral Instrument 11-102 below the name of any jurisdiction other than Prince Edward Island where the equivalent provision in Prince Edward Island was not in force before March 17, 2008.

Part 2 Exemption

2.1 If, before March 17, 2008, an application was made in another Canadian jurisdiction for an exemption from a specified provision of securities legislation, an exemption from the equivalent provision in Prince Edward Island is deemed to be granted if
(a) the securities regulatory authority or regulator in the other jurisdiction granted the exemption whether the order was made before, on or after March 17, 2008, and
(b) the person relying on the exemption complies with any terms, conditions, restrictions or requirements imposed by the securities regulatory authority in the other jurisdiction as if they were imposed in Prince Edward Island.

Part 3 Effective Date

3.1 This instrument comes into force on March 17, 2008.