Requests for Comment
Proposed Policies, Rules and Forms
The following summaries refer to all documents published for comment since July 1, 1998 that have not yet been finalized. You should not rely on these summaries, but refer to the actual policy documents. These documents may include proposed rules (some of which are adopted on a uniform basis across Canada and are known as national instruments or multilateral instruments), proposed policies, proposed forms or concept proposals.
Before finalizing a policy or rule, we generally publish the proposed document so that the securities industry and other interested people can provide comment on it. This helps us to ensure that the proposed document meets its regulatory objectives and does not have unintended consequences.
Out for Comment
BCN 2011/33 - Prospectus Marketing Amendments Request for Comment
Date published: November 25, 2011
Comment period expires: February 23, 2012
This notice publishes for a comment period ending February 23, 2012, proposed amendments to the prospectus marketing regime in National Instrument 41-101 General Prospectus Requirements and its companion policy; National Policy 41-201 Income Trusts and Other Indirect Offerings; National Instrument 44-101 Short Form Prospectus Distributions and its companion policy; National Instrument 44-102 Shelf Distributions and its companion policy; and National Policy 47-201 Trading Securities Using the Internet and Other Electronic Means.
BCN 2011/29 - Notice and Request for Comment - CSA Staff Consultation Note 45-401 - Review of Minimum Amount and Accredited Investor Exemptions
Date published: November 10, 2011
Comment period expires: February 29, 2012
CSA staff are reviewing the minimum amount prospectus exemption and the accredited investor prospectus exemption contained in National Instrument 45-106 Prospectus and Registration Exemptions.
As part of the review, staff will consult with stakeholders, including investors, issuers, dealers and legal and other advisors. The published consultation note provides more information on the scope of the review, including some background on the history of these exemptions and specific consultation questions for consideration.
MFDA Request for Comment - Proposed Amendments to Sections 1 (Definitions) and 3 (Directors) of MFDA By-Law No. 1
Date published: November 4, 2011
Comment period expires: February 2, 2012
The BCSC is publishing for comment for 90 days proposed amendments to section 1 (Definitions) and section 3 (Directors) of MFDA By-law No. 1. Section V of the MFDA's notice sets out the process for submitting comments.
Under Review 
TOP
BCN 2011/32 - Scholarship Plan Prospectus Form - Request for Comment
Date published: November 25, 2011
Comment period expires: January 24, 2012
This notice publishes for a second comment period of a new prospectus form for scholarship plans, proposed amendments to National Instrument 41-101 General Prospectus Requirements, Form 41-101F2 and its companion policy. The comment period ends on January 24, 2012.
MFDA Request for Comment - Proposed amendments to MFDA Rule 5.3 (Client Reporting)
Date published: October 28, 2011
Comment period expires: November 28, 2011
The BCSC is publishing for comment for 30 days proposed amendments to MFDA Rule 5.3 (Client Reporting). Section V of the MFDA's notice sets out the process for submitting comments.
BCN 2011/27 - Joint ASC/BCSC Notice and Request for Comment - Application by Maple Group Acquisition Corporation to the Alberta Securities Commission and the British Columbia Securities Commission Requesting New Recognition Orders for the TSX Venture Exchange Inc. and to the Alberta Securities Commission Requesting New Recognition Orders for the Natural Gas Exchange Inc.
Date published: October 7, 2011
Comment period expires: November 7, 2011
This notice references the application by Maple Group Acquisition Corporation (Maple) to the BCSC for confirmation of the TSX Venture Exchange Inc. (TSX-V) recognition order, in connection with Maple's proposed acquisition of TMX Group Inc, the parent company of TSX-V. The Commission asks for public comments on the application and acquisition. The comment period ends on November 7, 2011.
BCN 2011/23 - Notice and Request for Comment - Implementation of Stage 2 of Point of Sale Disclosure for Mutual Funds - Proposed Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, Form 81-101F3 and Companion Policy 81-101CP and Consequential Amendments
Date published: August 12, 2011
Comment period expires: November 10, 2011
This notice publishes for comment proposed amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, Form 81-101F3 Contents of Fund Facts Document, its companion policy and consequential amendments. The proposed amendments would allow delivery of a fund facts document instead of a simplified prospectus. The comment period ends on November 10, 2011.
BCN 2011/24 - Notice and Request for Comment - Proposed Consequential Amendments to Multilateral Instrument 11-102 Passport System
Date published: August 19, 2011
Comment period expires: October 20, 2011
The BC Securities Commission is publishing for comment consequential amendments to Multilateral Instrument 11-102 Passport System arising from proposed amendments to National Instrument 21-101 Marketplace Operation and proposed National Instrument 23-103 Electronic Trading and Direct Electronic Access to Marketplaces. Comment period ends October 20, 2011.
BCN 2011/21 - Notice and Request for Comment - Proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers and Proposed Amendments to National Instrument 41-101 General Prospectus Requirements, National Instrument 44-101 Short Form Prospectus Distributions and National Instrument 45-106 Prospectus and Registration Exemptions and Proposed Consequential Amendments
Date published: July 29, 2011
Comment period expires: October 27, 2011.
The notice publishes for comment proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers, related forms, and other proposed amendments. The new rule and amendments would create a streamlined regulatory regime for venture issuers. The new rule and amendments intend to tailor disclosure requirements to meet the expectations of venture issuer investors and to reduce regulatory burdens on venture issuers. The comment period ends on October 27, 2011.
BCN 2011/19 - Notice and Request for Comment Proposed Amendments to National Instrument 41-101 General Prospectus Requirements, and its companion policy, National Instrument 44-101 Short Form Prospectus Distributions, and its companion policy, National Instrument 44-102 Shelf Distributions, and its companion policy, National Instrument 81-101 Mutual Fund Prospectus Disclosure, and related consequential amendments
Date published: July 15, 2011
Comment period expires: October 14, 2011
This notice publishes for comment proposed amendments to National Instrument 41-101 General Prospectus Requirements, National Instrument 44-101 Short Form Prospectus Distributions, National Instrument 44-102 Shelf Distributions, National Instrument 81-101 Mutual Fund Prospectus Disclosure, related companion policies, and other proposed consequential amendments. The comment period ends on October 14, 2011.
BCN 2011/15 - Notice and Request for Comment - Proposed Amendments to National Instrument 31-103 Registration Requirements and Exemptions and Companion Policy 31-103CP Registration Requirements and Exemptions
Date published: June 22, 2011
Comment period expires: September 23, 2011
On June 22, 2011, the Canadian Securities Administrators published for comment proposed amendments to National Instrument 31-103 Registration Requirements and Exemptions and its companion policy. The proposed amendments are part of the CSA's Client Relationship Model project. They introduce performance reporting requirements and enhance existing cost disclosure requirements. The comment period ends on September 23, 2011.
BCN 2011/13 - Publication for Comment of Proposed Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets
Date published: June 13, 2011
Comment period expires: September 9, 2011
This notice publishes for comment proposed Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets, its related forms and companion policy. The proposed rule reformats BC Instrument 51-509 Issuers Quoted in the U.S. Over-the-Counter Markets as a multilateral rule, streamlines compliance, and improves investor protection. The proposed rule is an initiative of all CSA members, except Ontario, to regulate issuers that are quoted in the U.S. over-the-counter markets. The comment period ends on September 9, 2011.
BCN 2011/14 - Notice and Request for Comment - Proposed Amendments to National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer and Companion Policy 54-101CP Communication with Beneficial Owners of Securities of a Reporting Issuer, and Proposed Amendments to National Instrument 51-102 Continuous Disclosure Obligations and Companion Policy 51-102CP Continuous Disclosure Obligations
Date published: June 17, 2011
Comment period expires: August 16, 2011
This notice republishes for comment proposed amendments to National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer, National Instrument 51-102 Continuous Disclosure Obligations, and related forms and companion policies.
In April 2010, we published proposed amendments introducing notice-and-access procedures for issuers to send proxy-related materials. The revised versions of the proposed amendments incorporate several changes to the original proposal in response to the comments we received from the first publication. The comment period for this second publication ends on August 16, 2011.
CSA Staff Notice 11-315 - Extension of Consultation Period - Proposed National Instrument 41-103, Proposed National Instrument 51-106, and Proposed Amendments to National Instrument 52-109, Proposed Amendments to National Instrument 45-106 and National Instrument 45-102
Date published: June 15, 2011
Comment period expires: August 31, 2011
The CSA Staff Notice announces the extension of consultation period for proposed rules and rule amendments relating to securitized products. The new comment period ends on August 31, 2011.
BCN 2011/04 - Notice and Request for Comments - Proposed National Instrument 41-103 Supplementary Prospectus Disclosure Requirements for Securitized Products, Proposed National Instrument 51-106 Continuous Disclosure Requirements for Securitized Products, Proposed Amendments to National Instrument 52-109 Certification of Disclosure in Issuers Annual and Interim Filings, National Instrument 45-106 Prospectus and Registration Exemptions, National Instrument 45-102 Resale of Securities, and Proposed Consequential Amendments
Date published: April 1, 2011
Comment period expires: August 31, 2011
This notice publishes for comment proposed National Instrument 41-103 Supplementary Prospectus Disclosure Requirements for Securitized Products, proposed National Instrument 51-106 Continuous Disclosure Requirements for Securitized Products, proposed amendments to National Instrument 45-106 Prospectus and Registration Exemptions, related forms, and other proposed amendments. The comment period ends on July 1, 2011.
CSA Staff Notice 81-322 - Status Report on the Implementation of the Modernization of Investment Fund Product Regulation Project and Request for Comment on Phase 2 Proposals
Date published: May 26, 2011
Comment period expires: July 25, 2011
This CSA Staff Notice provides an update on the implementation of the Modernization Project and requests comments on developing operational rules for non-redeemable investment funds as part of Phase 2 of the project. The comment period ends on July 25, 2011.
BCN 2011/12 - Request for Comments - Application by the Canadian Public Accountability Board (CPAB) for recognition as a self-regulatory body and proposed recognition order
Date published: June 13, 2011
Comment period expires: July 13, 2011
The Commission is publishing for comment for 30 days (until July 13, 2011) CPAB's application for recognition as a self-regulatory body under section 24 of the Securities Act and the Commission's proposed recognition order.
BCN 2011/11 - Notice and Request for Comment Proposed Amendments to National Instrument 31-103 Registration Requirements and Exemptions and Companion Policy 31-103CP Registration Requirements and Exemptions
Date published: May 13, 2011
Comment period expires: July 18, 2011
On May 13, 2011, the Canadian Securities Administrators published for comment proposed amendments to National Instrument 31-103 Registration Requirements and Exemptions and its companion policy. The proposed amendments relate to SRO exemptions. The comment period ends on July 18, 2011.
BCN 2011/10 - Publication for Comment Amendments to TSX Venture Exchange Inc.s Recognition Order Resulting from Proposed Merger of TMX Group Inc. and LSE Group plc
Date published: May 13, 2011
Comment period expires: June 29, 2011
This notice references the application made by TSX Venture Exchange Inc. to amend its recognition order to reflect changes resulting from the proposed merger of its parent company, TMX Group Inc., and LSE Group plc and asks for public comments in relation to the merger. The comment period expires on June 29, 2011.
BCN 2011/06 - Publication for Comment of Proposed National Instrument 23-103 Electronic Trading and Direct Electronic Access to Marketplaces and Related Documents
Date published: April 8, 2011
Comment period expires: July 8, 2011
This notice describes proposed National Instrument 23-103 Electronic Trading and Direct Electronic Access to Marketplaces. The proposed new rule would impose risk management requirements on marketplace participants for electronic trading, including direct electronic access. The proposed new rule would also impose requirements regarding electronic trading on marketplaces. The comment period for this proposal expires on July 8, 2011
BCN2011/03 - Notice of Proposed Amendments to National Instrument 21-101 Marketplace Operation and National Instrument 23-101 Trading Rules
Date published: March 18, 2011
Comment period expires: June 16, 2011
This notice describes proposed amendments to National Instrument 21-101 Marketplace Operation and National Instrument 23-101 Trading Rules. The comment period for this proposal expires on June 16, 2011.
23-405 Dark Liquidity in the Canadian Market - CSA/IIROC Position Paper
Date published: November 19, 2010
Comment period expired: January 10, 2011
The CSA is publishing the paper to outline a number of CSA positions relating to dark liquidity in the Canadian market to solicit public comment. The comment period expires January 10, 2011.
BCN2010/36 - Notice and Request for Comment - Proposed Amendments to National Instrument 31-103 Registration Requirements and Exemptions, Companion Policy 31-103CP Registration Requirements and Exemptions and Form 31-103F2 Submission to the Jurisdiction and Appointment of Agent for Service
Date published: October 15, 2010
Comment period expired: January 13, 2011
This notice publishes for comment proposed amendments to National Instrument 31-103 Registration Requirements and Exemptions, its companion policy and certain related forms. The proposed amendments relate to the registration of international and certain domestic investment fund managers. The comment period ends on January 13, 2011.
BCN2010/21 - Notice and Request for Comment - Proposed Amendments to National Instrument 81-102 Mutual Funds, National Instrument 81-106 Investment Fund Continuous Disclosure and related Consequential Amendments
Date published: June 25, 2010
Comment period expired: September 24, 2010
This notice requests comments on proposed amendments to National Instrument 81-102 Mutual Funds, National Instrument 81-106 Investment Fund Continuous Disclosure and related consequential amendments. The proposed amendments would codify discretionary exemptions, create new operational requirements, improve transparency of information about mutual funds and remove obsolete provisions. The comment period ends on September 24, 2010.
CSA Consultation Paper 51-403 - Tailoring Venture Issuer Regulation
Date published: May 31, 2010
Comment period expired: September 17, 2010
The CSA is publishing a consultation paper to assess market interest in pursuing a more tailored approach to regulating the venture market. We invite you to make written comments on or before September 17, 2010. In addition, if you are interested in participating in a consultation session, please click here.
BCN 2009/26 - Notice and Publication for Comment - Proposed Amendments to National Instrument 81-106 Investment Fund Continuous Disclosure, Form 81-106F1 and Companion Policy 81-106CP and Related Amendments
Date published: October 16, 2009
Comment period expired: January 14, 2010
This notice requests comments on proposed amendments to National Instrument 81-106 Investment Fund Continuous Disclosure, its related form and companion policy, and proposed consequential amendments relating to investment funds.
The purpose of the proposed amendments is to accommodate the upcoming changeover to International Financial Reporting Standards. The comment period ends on January 14, 2010.
CSA Staff Notice 21-306 - Notice of Filing of Forms 21-101F5 Initial Operation Report For Information Processor
Date Published: April 20, 2007
Comment period expired: June 4, 2007
This CSA staff notice requests comments from market participants on the attached summary of applications for the information processor role and to solicit feedback on a number of specific issues. The comment period expires on June 4, 2007