BCN2008/16 Adoption of National Instrument 41-101 General Prospectus Requirements, Related Instruments and Consequential Amendments [BCN - Lapsed]

BCN2008/16 Adoption of National Instrument 41-101 General Prospectus Requirements, Related Instruments and Consequential Amendments [BCN - Lapsed]
Published March 13, 2008
Rescinded/Lapsed July 13, 2012

View PDF of BC Reg 59/2008 PDF
View PDF of Appendix A Part 1 PDF
View PDF of Appendix A Part 2 PDF
View PDF of Appendix A Part 3 PDF
View PDF of Appendix B PDF
View PDF of Appendix C PDF
View PDF of Appendix D PDF
View PDF of Appendix E PDF
View PDF of Appendix F PDF
View PDF of Appendix G PDF
View PDF of Appendix H PDF
View PDF of Appendix I PDF



Concurrently Published

Effective March 17, 2008, the Commission and other members of the Canadian Securities Administrators are adopting new prospectus instruments, forms, policies and consequential amendments (the new prospectus rules). 

The purpose of the new prospectus rules is to create a comprehensive, seamless and transparent set of nationally harmonized prospectus requirements for all issuers, including investment funds that do not file prospectuses under National Instrument 81-101 Mutual Fund Prospectus Disclosure.  Mutual funds that file prospectuses under NI 81-101 already have a harmonized regime.

The new prospectus rules will also harmonize the general prospectus disclosure requirements with the requirements of the short form prospectus system and the continuous disclosure regime.

We are amending or repealing most of the prospectus-related sections in the Securities Rules. Most of the amendments remove provisions that are replaced by provisions in the new prospectus rules or change references to sections in the Act that are repealed or amended in Bill 20, the Securities Amendment Act, 2006 (the 2006 Act provisions). We discuss the 2006 Act provisions in more detail later in this notice. We are also amending or repealing a number of BC instruments, policies, and forms to eliminate local requirements, exemptions and guidance that are unnecessary or obsolete and to conform to the new prospectus rules.

Effective March 17, 2008, we are adopting

  • National Instrument 41-101 General Prospectus Requirements
  • Form 41-101F1 Information Required in a Prospectus
  • Form 41-101F2 Information Required in an Investment Fund Prospectus
  • Companion Policy 41-101CP General Prospectus Requirements
  • Amendments to
    o National Instrument 14-101 Definitions
    o National Instrument 44-101 Short Form Prospectus Distributions
    o Form 44-101F1 Short Form Prospectus
    o National Instrument 44-102 Shelf Distributions
    o National Instrument 44-103 Post-Receipt Pricing
    o Form 45-101F Information Required in a Rights Offering Circular
    o National Instrument 51-102 Continuous Disclosure Obligations
    o Form 51-102F2 Annual Information Form
    o Form 51-102F5 Information Circular
    o National Instrument 81-101 Mutual Fund Prospectus Disclosure
    o Form 81-101F1 Contents of Simplified Prospectus
    o Form 81-101F2 Contents of Annual Information Form
    o National Instrument 81-104 Commodity Pools
    o National Policy 12-202 Revocation of  Compliance-related Cease Trade Order
    o Companion Policy 44-102CP Shelf Distributions
    o Companion Policy 44-103CP Post-Receipt Pricing
    o Companion Policy 51-102CP Continuous Disclosure Obligations
    o Companion Policy 81-101CP Mutual Fund Prospectus Disclosure
    o Companion Policy 81-104CP Commodity Pools

Effective March 17, 2008, we are repealing National Instrument 41-101 Prospectus Disclosure Requirements.

Effective March 17, 2008, we are rescinding Companion Policy 44-101CP Short Form Prospectus Distributions and replacing it with a new Companion Policy 44-101CP Short Form Prospectus Distributions.

Effective March 17, 2008, we are rescinding

  • National Policy 14 Acceptability of Currencies in Material Filed with Securities Regulatory Authorities
  • National Policy 21 National Advertising -- Warnings

Effective March 17, 2008, we are adopting consequential amendments to

  • the Securities Rules, B.C. Reg. 194/97
  • BC Policy 12-601 Designation as a Reporting Issuer (Extraprovincial Issuers)
  • BC Policy 13-601 Required Forms
  • Interim BC Policy 47-601 Advertising
  • Rule 71-801 Implementing the Multijurisdictional Disclosure System under NI 71-101
  • Rule 71-802 Distributions Outside of British Columbia under the United States Multijurisdictional Disclosure System

Also effective March 17, 2008, we are repealing, rescinding or revoking

  • BCI 41-501 Variation of Prospectus Disclosure Requirements for Issuers Using OSC Prospectus Rule
  • BCI 41-502 Firm Commitment Underwriting for Issuers using OSC Prospectus Rules
  • BCP 41-601 Prospectus Filing Requirements
  • BCI 44-501 Exemption of short form prospectus from general disclosure requirements
  • BCI 44-502 Variation of BC Instrument 44-801 Implementing National Instrument 44-101 Short Form Prospectus Distributions, BC Instrument 44-802 Implementing National Instrument 44-102 Shelf Prospectus and BC Instrument 44-803 Implementing National Instrument 44-103 Post-Receipt Pricing
  • BC Rule 44-801 Implementing National Instrument 44-101 Short Form Prospectus Distributions 
  • BC Rule 44-802 Implementing National Instrument 44-102 Shelf Distributions
  • BC Rule 44-803 Implementing National Instrument 44-103 Post-Receipt Pricing
  • BCI 47-501 Exemption for solicitations of expressions of interest
  • BCI 48-501 Distribution Period for Firm Commitment Underwritings
  • BCI 81-503 Lapse Date of Prospectuses Filed by Mutual Funds, Employee Venture Capital Corporations, and Venture Capital Corporations
  • BCI 81-801 Implementing National Instrument 81-106 Investment Fund Continuous Disclosure

On March 17, 2008, the Executive Director is rescinding the following forms in BC Policy 13-601 Required Forms

  • Form 41-601F Information Required in a Prospectus
  • Form 81-902F Information Required in a Prospectus of a Mutual Fund

Act Amendments
On March 6, 2008, the Lieutenant Governor in Council made an order-in-council to bring into force on March 17, 2008 the 2006 Act provisions related to prospectus requirements.  BC Notice 2008/14 discusses the amendments.

Prior publications
We published for comment the proposed new prospectus rules on December 21, 2006 (BCN 2006/30). On December 21, 2007, we published advance notice that, subject to government approval, we expected to adopt the new prospectus rules effective March 17, 2008 (BCN 2007/43).

Questions
You may refer questions to:

Larissa M. Streu
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
(604) 899-6888
(800) 373-6393 (in B.C. and Alberta)
lstreu@bcsc.bc.ca

Allan Lim
Manager, Corporate Finance
British Columbia Securities Commission
(604) 899-6780
(800) 373-6393 (in B.C. and Alberta)
alim@bcsc.bc.ca

March 13, 2008


Douglas M. Hyndman             Brenda M. Leong
Chair                                          Executive Director


Ref: National Instrument 41-101 General Prospectus Requirements
Form 41-101F1 Information Required in a Prospectus
Form 41-101F2 Information Required in an Investment Fund Prospectus
Companion Policy 41-101CP General Prospectus Requirements
National Instrument 14-101 Definitions
National Instrument 44-101 Short Form Prospectus Distributions
Companion Policy 44-101CP Short Form Prospectus Distributions
Form 44-101F1 Short Form Prospectus
National Instrument 44-102 Shelf Distributions
National Instrument 44-103 Post-Receipt Pricing
Form 45-101F Information Required in a Rights Offering Circular
National Instrument 51-102 Continuous Disclosure Obligations
Form 51-102F2 Annual Information Form
Form 51-102F5 Information Circular
National Instrument 81-101 Mutual Fund Prospectus Disclosure
Form 81-101F1 Contents of Simplified Prospectus
Form 81-101F2 Contents of Annual Information Form
National Instrument 81-104 Commodity Pools
National Policy 12-202 Revocation of  Compliance-related Cease Trade Order
Companion Policy 44-102CP Shelf Distributions
Companion Policy 44-103CP Post-Receipt Pricing
Companion Policy 51-102CP Continuous Disclosure Obligations
Companion Policy 81-101CP Mutual Fund Prospectus Disclosure
Companion Policy 81-104CP Commodity Pools
National Instrument 41-101 Prospectus Disclosure Requirements
the Securities Rules, B.C. Reg. 194/97
BC Policy 12-601 Designation as a Reporting Issuer (Extraprovincial Issuers)
BC Policy 13-601 Required Forms
Interim BC Notice 47-601 Advertising
Rule 71-801 Implementing the Multijurisdictional Disclosure System under NI 71-101
Rule 71-802 Distributions Outside of British Columbia under the United States Multijurisdictional Disclosure System
BCI 41-501 Variation of Prospectus Disclosure Requirements for Issuers Using OSC Prospectus Rule
BCI 41-502 Firm Commitment Underwriting for Issuers using OSC Prospectus Rules
BC Policy 41-601 Prospectus Filing Requirements
BCI 44-501 Exemption of short form prospectus from general disclosure requirements
BCI 44-502 Variation of BC Instrument 44-801 Implementing National Instrument 44-101 Short Form Prospectus Distributions, BC Instrument 44-802 Implementing National Instrument 44-102 Shelf Prospectus and BC Instrument 44-803 Implementing National Instrument 44-103 Post-Receipt Pricing
BC Rule 44-801 Implementing National Instrument 44-101 Short Form Prospectus Distributions 
BC Rule 44-802 Implementing National Instrument 44-102 Shelf Distributions
BC Rule 44-803 Implementing National Instrument 44-103 Post-Receipt Pricing
BCI 47-501 Exemption for solicitations of expressions of interest
BCI 48-501 Distribution Period for Firm Commitment Underwritings
BCI 81-503 Lapse Date of Prospectuses Filed by Mutual Funds, Employee Venture Capital Corporations, and Venture Capital Corporations
BCI 81-801 Implementing National Instrument 81-106 Investment Fund Continuous Disclosure
Form 41-601F Information Required in a Prospectus
Form 81-902F Information Required in a Prospectus of a Mutual Fund
BCN 2006/30 Publication for Comment of National Instrument 41-101 General Prospectus Requirements, Related Instruments and Proposed Consequential Amendments
BCN 2007/43 Advance Notice of National Instrument 41-101 General Prospectus Requirements, Related Instruments and Consequential Amendments

This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the section Securities Law & Policy.