News Release

Vancouver – The B.C. Securities Commission has unveiled a Web-based, interactive applications filing system that will save time and money as well as cut the paper chase for individuals and companies seeking flexibility under securities laws.

“One of our key functions as a securities regulator is to review applications from market participants looking for relief from certain regulatory requirements under securities legislation,” said BCSC Executive Director Steve Wilson. “This interactive system is transparent and will speed up the application process by allowing users to conduct research, submit and track their applications online.”

Dubbed BCSC e-services, the commission expects that the system’s main users will be securities lawyers and company officials who need an exemption under securities laws for certain business transactions. For example, exemptions may be granted to allow companies or individuals to:
· complete corporate takeovers and re-organizations
· be excused from certain filing requirements
· implement employee stock purchase plans without filing a prospectus or using a registrant, and
· undertake limited trading and advising activities without being registered.

The commission is urging industry to take advantage of submitting applications for exemptions in B.C. online. With BCSC e-services, applications can be filed, assigned, and tracked immediately 24 hours a day, 7 days a week, without the delay of manual filing and data entry.

The commission typically fields hundreds of exemption applications each year, and commission staff says the new system will help cut time from the application process.

“The outside users that we had test the system were impressed with how the system worked,” said Wilson. “They all commented on how having a transparent system promotes greater understanding of the application process by allowing them to track their file online. It should help them advise their clients better and save them time and money.”

To learn more about BCSC e-services and the exemption application process, industry is invited to attend a one-hour workshop at the commission. The sessions are scheduled for March 12, 18, and 19, 2003 at the commission’s offices, 701 West Georgia St., 12th floor, beginning at 8:00 am. Seating is limited. If you wish to attend please RSVP Brittny Bruce at (604)899-6648 or bbruce@bcsc.bc.ca .

The commission’s e-services function is accessible through the BCSC website (www.bcsc.bc.ca/is).

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.