Order: In the Matter of Brilliante Brasilcan Resources Corp. et al.

PDF Version

    WHEREAS on October 21, 2008, the Ontario Securities Commission (“Commission”) ordered pursuant to subsection 127(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) that all trading in the securities of Brilliante Brasilcan Resources Corp. (“Brilliante”) shall cease and that Brilliante, York Rio Resources Inc. (“York Rio”) and their representatives, including Brian W. Aidelman (“Aidelman”), Jason Georgiadis (“Georgiadis”), Richard Taylor (“Taylor”), and Victor York (“York”) shall cease trading in all securities (the “Temporary Order”);

    AND WHEREAS on October 21, 2008, the Commission further ordered pursuant to subsection 127(6) of the Act that the Temporary Order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission;

    AND WHEREAS the Commission issued a Notice of Hearing on October 23, 2008 to consider, among other things, whether to extend the Temporary Order;

    AND WHEREAS on November 4, 2008 the Commission adjourned the hearing to November 14, 2008 at 10:00 a.m. and further extended the Temporary Order until the close of business on November 14, 2008;

    AND WHEREAS on November 14, 2008, the Commission amended the Temporary Order (the “Amended Temporary Order”) to permit each of York, Aidelman, Georgiadis and Taylor to trade securities for the account of his registered retirement savings plans (as defined in the Income Tax Act (Canada)) in which he and/or his spouse have sole legal and beneficial ownership, provided that:

1. the securities traded are listed and posted for trading on the Toronto Stock Exchange, the New York Stock Exchange or NASDAQ (or their successor exchanges) or are issued by a mutual fund which is a reporting issuer;
2. he does not own legally or beneficially (in the aggregate, together with his spouse) more than one percent of the outstanding securities of the class or series of the class in question;
3. he carries out any permitted trading through a registered dealer (which dealer must be given a copy of this order) and through accounts opened in his name only; and
4. he shall provide Staff with the particulars of the accounts (before any trading in the accounts under this order occurs) including the name of the registered dealer through which the trading will occur and the account numbers, and he shall instruct the registered dealer to provide copies of all trade confirmation notices with respect to the accounts directly to Staff at the same time that such notices are provided to him;

    AND WHEREAS on November 14, 2008, the Commission adjourned the hearing to March 3, 2009 at 2:30 p.m. and further extended the Amended Temporary Order until March 4, 2009;

    AND WHEREAS on March 3, 2009, the Commission adjourned the hearing to September 3, 2009 at 10:00 a.m. and further extended the Amended Temporary Order until September 4, 2009;

    AND WHEREAS on September 3, 2009, the Commission adjourned the hearing to March 3, 2010 at 10:00 a.m. and further extended the Amended Temporary Order, until March 4, 2010;

    AND WHEREAS on March 3, 2010, the Commission adjourned the hearing to April 12, 2010 at 9:00 a.m. and further extended the Amended Temporary Order, until April 13, 2010;

    AND WHEREAS on April 13, 2010, the Commission adjourned the hearing to June 10, 2010 at 2:00 p.m. and further extended the Amended Temporary Order, until June 11, 2010;

    AND WHEREAS on June 10, 2010, the Commission adjourned the hearing to July 21, 2010 at 2:00 p.m. and further extended the Amended Temporary Order, until July 22, 2010;

    AND WHEREAS on July 21, 2010, the Commission adjourned the hearing to August 30, 2010 at 11:00 a.m. and further extended the Amended Temporary Order, until August 31, 2010;

    AND WHEREAS on August 30, 2010, the Commission adjourned the hearing to October 12, 2010 at 11:00 a.m. and further extended the Amended Temporary Order against all Respondents, except Taylor, until October 13, 2010;

    AND WHEREAS on October 12, 2010, a hearing was held to consider the extension of the Amended Temporary Order against the remaining Respondents;

    AND WHEREAS counsel for Staff appeared at the hearing on October 12, 2010 and the respondent York appeared and did not contest the extension of the Amended Temporary Order, as requested by Staff;

    AND WHEREAS the Commission is satisfied that reasonable steps have been taken by Staff to give all remaining Respondents notice of the hearing;

    AND WHEREAS on October 12, 2010, the Commission ordered that the hearing on the merits in the related matter of York Rio Resources Inc. et al. (the “York Rio Hearing”) is to commence on March 21, 2011;

    AND WHEREAS satisfactory information has not been provided by the remaining Respondents to the Commission;

    AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

    IT IS ORDERED pursuant to subsection 127(8) of the Act that the Amended Temporary Order is extended until the completion of the York Rio Hearing, subject to any further order by the Commission.

    DATED at Toronto this 15^th day of October, 2010.