52-512 - Exemptions from National Instrument 52-110 Audit Committees [BCI]

Concurrently Published:

• BCN2008/13 - Adoption of Multilateral Instrument 11-102 Passport System and related companion policy, and related consequential amendments, Adoption of National Instrument 52-110 Audit Committees, related forms and companion policy, Repeal of British Columbia Instrument 52-509 Audit Committees, and Sections 144 and 145 of the Securities Rules, Adoption of National Policy 11-202 Process of Prospectus Reviews in Multiple Jurisdictions, and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, and Rescission of National Policy 12-201 Mutual Reliance Review System for Exemptive Relief Applications, and National Policy 43-201 Mutual Reliance Review system for Prospetuses [BCN - Lapsed]

The Commission, having considered that to do so would not be prejudicial to the public interest, orders that, effective March 17, 2008, the attached BC Instrument 52-512 Exemptions from National Instrument 52-110 Audit Committees is made.

March 10, 2008

Douglas M. Hyndman
Chair

________________________________________________________________  
(This part is for administrative purposes only and is not part of the Order)

Authority under which Order is made:
Act and sections: Securities Act, section 187 
Other (specify): 

 
BC Instrument 52-512

Exemptions from National Instrument 52-110
Audit Committees

Order Under Section 187 of the Securities Act

Definitions
1. In this Instrument:

(a) "BCI 52-509" means BC Instrument 52-509 Audit Committees;

(b) "NI 52-110" means National Instrument 52-110 Audit Committees; and

(c)  "regulator" means the regulator or securities regulatory authority in Alberta, Saskatchewan, Manitoba, Ontario, Québec, Nova Scotia or New Brunswick.

Interpretation
2. Terms defined in the Act, the Securities Rules, NI 52-110, and National Instrument 14-101 Definitions have the same meanings in this Instrument.

Exemptions
3. A reporting issuer is exempt from a provision in NI 52-110 if:

 (a) a regulator exempted the reporting issuer from the provision before March 17, 2008,

(b) the exemption still applies to the reporting issuer, and

(c) the reporting issuer complies with any terms, conditions, restrictions or requirements imposed by the regulator as if they were imposed in British Columbia.

4. If an issuer that is a reporting issuer in British Columbia and not in any other jurisdiction complies with BCI 52-509 as if it were in force, the issuer is exempt from NI 52-110 until the earlier of:

(a) the issuer's first annual meeting on or after March 17, 2008, and

(b) March 17, 2009.