News Release
Commission to gather new economy industry opinion
-
Date:
2002-01-08 -
Number:
2002/01
Released: 01/08/02 Contact: Andrew Poon
NR 02-01 604-899-6880 or
(B.C. & Alberta) 1-800-373-6393
Vancouver -- The B.C. Securities Commission is asking high-tech and other "new economy" companies to help it identify the regulatory barriers that entrepreneurs and firms face in raising capital and doing business in British Columbia.
In a survey launched today on its website (www.bcsc.bc.ca), the commission is asking new economy industry participants -- including those who advise or help fund these ventures -- to share their financing experiences and plans and to identify barriers to capital raising in B.C. The survey is an initiative of the commission's newly created New Economy and Adoption of Technologies (NEAT) group.
"The securities commission is strongly committed to reducing the regulatory burden to market participants while maintaining sound investor protection," said BCSC Executive Director Steve Wilson. "The NEAT initiative is another example of our commitment for B.C. to be the best place to raise capital in Canada by 2005."
In September 2001, the commission proposed new capital raising rules which would make it easier for businesses to raise money from investors in B.C. and Alberta. The proposed rules provide new and expanded exemptions from the current prospectus disclosure requirements that generally apply to issuers raising money from the public.
The commission has recognized the growing importance of high-tech companies which generated 3.9 per cent of B.C.'s GDP in 2000 and are growing at a higher rate than the overall provincial economy. It created the NEAT group to help find ways of streamlining regulation of the securities market and to offer regulatory support to firms operating in the new economy.
"We're defining the 'new economy' as firms operating in knowledge-based, high-growth industries that are on the leading edge of technology," said Wilson. "Today this has largely been high-tech companies and biotech firms."
Industry will be asked by email to participate in the online survey. In addition, the NEAT group will conduct focus groups and interviews with industry participants to hear their thoughts and opinions on specific regulations that hamper their capital-raising and business activities as well as what regulatory changes would help streamline regulations for new economy companies.
A summary report of the group's findings is expected to be available in late spring.
Any questions or comments should be addressed to Derek Patterson, chair of the NEAT group at 604-899-6801 or dpatterson@bcsc.bc.ca.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.
NR 02-01 604-899-6880 or
(B.C. & Alberta) 1-800-373-6393
Vancouver -- The B.C. Securities Commission is asking high-tech and other "new economy" companies to help it identify the regulatory barriers that entrepreneurs and firms face in raising capital and doing business in British Columbia.
In a survey launched today on its website (www.bcsc.bc.ca), the commission is asking new economy industry participants -- including those who advise or help fund these ventures -- to share their financing experiences and plans and to identify barriers to capital raising in B.C. The survey is an initiative of the commission's newly created New Economy and Adoption of Technologies (NEAT) group.
"The securities commission is strongly committed to reducing the regulatory burden to market participants while maintaining sound investor protection," said BCSC Executive Director Steve Wilson. "The NEAT initiative is another example of our commitment for B.C. to be the best place to raise capital in Canada by 2005."
In September 2001, the commission proposed new capital raising rules which would make it easier for businesses to raise money from investors in B.C. and Alberta. The proposed rules provide new and expanded exemptions from the current prospectus disclosure requirements that generally apply to issuers raising money from the public.
The commission has recognized the growing importance of high-tech companies which generated 3.9 per cent of B.C.'s GDP in 2000 and are growing at a higher rate than the overall provincial economy. It created the NEAT group to help find ways of streamlining regulation of the securities market and to offer regulatory support to firms operating in the new economy.
"We're defining the 'new economy' as firms operating in knowledge-based, high-growth industries that are on the leading edge of technology," said Wilson. "Today this has largely been high-tech companies and biotech firms."
Industry will be asked by email to participate in the online survey. In addition, the NEAT group will conduct focus groups and interviews with industry participants to hear their thoughts and opinions on specific regulations that hamper their capital-raising and business activities as well as what regulatory changes would help streamline regulations for new economy companies.
A summary report of the group's findings is expected to be available in late spring.
Any questions or comments should be addressed to Derek Patterson, chair of the NEAT group at 604-899-6801 or dpatterson@bcsc.bc.ca.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.