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Weekly Reports

Updates for the week ending September 19, 2008

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Policies and Instruments

  • BCN 2008/43 - Adoption of BC Instrument 51-509 Issuers Quoted in the U.S. Over-the-Counter Markets, Companion Policy 51-509CP, related forms, related consequential amendments and BC Instrument 71-503 Material Change Reporting by OTC Reporting Issuers

    This notice announces that, effective September 15, 2008, the Commission is adopting BC Instrument 51-509 Issuers Quoted in the U.S. Over-the Counter Market, and its related companion policy, 51-509CP.  It also announces that the Executive Director has specified forms related to the rule.

    BCI 51-509 designates OTC issuers with a significant connection to British Columbia whose securities are not cross-listed on another North American exchange or quotation listed in the rule as reporting issuers.  BCI 51-509 includes some additional disclosure requirements, restricts the use of certain exemptions from disclosure and other requirements, and restricts the resale of securities sold by private placement.

    The notice also announces, effective September 15, 2008, consequential amendments to BC Instrument 11-502 Voluntary Surrender of Reporting Issuer Status and its companion policy 11-502CP, BC Policy 13-601 Required Forms and Index of Forms, and BC Instrument 52-511 Relief for Venture Issuers from Certain Certification Requirements and a new instrument, BC Instrument 71-503 Material Change Reporting by OTC Reporting Issuers.

  • BCN 2008/44 - Advance Notice - Proposed Repeal and Substitution of Form 51-102F6 Statement of Executive Compensation and proposed consequential amendments to National Instrument 51-102 Continuous Disclosure Obligations, and Form 51-102F5 Information Circular

    This notice announces a new executive compensation disclosure form, Form 51-102F6, and related consequential amendments to NI 51-102 and Form 51-102F5. The new executive compensation disclosure requirements expand disclosure to include: the total compensation paid to each named executive officer; the rationale for specific compensation programs for executives; the fair value of equity compensation at  the date of grant; more specific disclosure of potential payments on termination or a change in control of the company; disclosure of the actuarial cost of the compensatory element of retirement benefits; details of option-granting processes; and expanded director compensation disclosure.

    The new Form 51-102F6 applies to financial years ending on or after December 31, 2008. The old Form 51-102F6 will remain until March 31, 2010, for financial years ending before December 31, 2008.

    The effective date of these changes is December 31, 2008.

News and Events

  • News Release 2008/58 - CSA Appoints Secretary General [CSA]
  • News Release 2008/59 - BCSC releases rule for U.S. OTC issuers
  • News Release 2008/60 - Canadian Securities Regulators Implement Improvements to Executive Compensation Disclosure
  • News Release 2008/61 - Canadian Securities Regulators Support Temporary Order Issued by OSC Prohibiting Short Selling [CSA]
  • BC Crime Prevention Association Symposium (link no longer operational) - Richmond, BC: 1:30 - 2:45 pm, October 3, 2008
  • InvestRight Seminar (link no longer operational) - Nanaimo, BC: 5:30 - 6:30 pm, October 27, 2008
  • InvestRight Seminar (link no longer operational) - Nanaimo, BC: 10:00 - 11:00 am, October 28, 2008
  • InvestRight Seminar (link no longer operational) - Nanaimo, BC: 1:00 - 2:00 pm, October 28, 2008

Decisions, Settlements, Hearings, and Temporary Orders (Enforcement)

Cease Trade Orders and Revocations (Failure to File)

Exemptions and MRRS Orders