Canadian Ownership and Control Determination Regulations, 1984 — 22
 pursuant to the exercise of a right conferred by a unit of a class of forward equity that is not a bearer unit and (a) the unit of a class of forward equity was issued not more than five years prior to the day selected under paragraph 30(1)(c) with respect to the class of formal equity or if no units of the class of formal equity are issued, the latest of the days selected for all classes of formal equity in respect of the class of formal equity and the conversion price does not exceed (i) the closing price, where the unit was issued pursuant to a final prospectus or other similar public offering document, on the date of that prospectus or offering document, or (ii) in any other case, the closing price immediately prior to the time at which the last of the attributes of a unit of the class of forward equity was finally determined, by more than 30%, or (b) the market price of a unit of the class of formal equity, on any day selected by the applicant that is not more than 30 days prior to the day selected by the applicant under paragraph 30(1)(c) with respect to the class of formal equity, exceeds the conversion price, the units of the publicly traded class of formal equity shall be deemed (c) to be issued and outstanding and to have a recorded owner that is the owner of record of the unit of a class of forward equity, (d) to be owned by the owner of the unit of a class of forward equity, (e) to form a separate class of formal equity, and (f) to form a publicly traded class of formal equity if the class of forward equity is a publicly traded class of forward equity. (8) Subject to subsections (9) through (12), where units of a class of formal equity of an applicant are issuable pursuant to the exercise of a right conferred by a unit of a class of forward equity, other than a unit referred to in subsection (7), the units of the class of formal equity shall be deemed (a) to be issued and outstanding and to have a recorded owner that is the owner of record of the unit of the class of forward equity; (b) to be owned by the owner of the unit of the class of forward equity; (c) to form a separate class of formal equity; and (d) to form a publicly traded class of formal equity if the class of forward equity is a publicly traded class of forward equity. (9) Subsection (8) does not apply where units, if issued, would form part of a publicly traded class of formal equity and the applicant demonstrates to the Minister that it has no knowledge or reason to believe that if all the units issuable pursuant to the exercise of the rights conferred by all the units of the class of forward equity were issued and outstanding and formed a separate class of formal equity, the beneficial Canadian ownership of that class would be less than the Canadian ownership rate of the applicant determined as if the class of forward equity did not exist. (10) Subject to subsection (11), subsection (8) does not apply where the applicant has knowledge that if all the units issuable pursuant to the exercise of the rights conferred by all the units of the class of forward equity were issued and outstanding and formed a separate class of formal equity, the beneficial Canadian ownership of that class would be greater than the Canadian ownership rate of the applicant determined as if the class of forward equity did not exist. (11) Where an applicant demonstrates to the Minister that the applicant has knowledge or reason to believe that a unit of a class of forward equity of the applicant (a) will not be converted to a unit of a class of formal equity at any time prior to the expiration of the right conferred by the unit of the class of forward equity, subsection (8) does not apply to the unit of the class of forward equity; or (b) will be converted to a unit of a class of formal equity at any time prior to the expiration of the right conferred by the unit of the class of forward equity, subsection (10) does not apply to the unit of the class of forward equity. (12) Subj