BCN 2001/80 - Temporary Fee Reductions [BCN - Rescinded]

The government has approved temporary reductions in the Commission's fees, effective January 2002.

The temporary fee reduction has two components:

• a one-year reduction of $10 million designed to return surplus fee revenues to securities market participants;
• an eight-year reduction of $2.2 million for mutual fund dealers that join the new Mutual Fund Dealers Association of Canada, to offset the cost to British Columbia dealers of repaying the start-up costs for this new national self-regulatory organization.

B.C. Reg. 291/2001, which is attached to this Notice, amends section 22 of the Securities Regulation (the “fee schedule”) to implement these fee reductions.

The following reductions are effective January 7, 2002 for a period of one year:

• the registration fee for a salesperson of a dealer from $250 to $75 (item 2 of the fee schedule);
• the general fee for filing a preliminary prospectus from $2,500 to $400 (item 12(a));
• the fee for filing a preliminary or pro forma prospectus for a mutual fund or exchange offering from $1,500 to $900 (items 12(b) and (c));
• the fee on proceeds of an exempt distribution from 0.03% to 0.01% (item 19(a)(ii)); and
• the fee for filing annual financial statements of a reporting issuer on time from $600 to $75 (item 20(a)).

The following waiver is effective January 1, 2002 for an eight-year period:

• the registration fee for a dealer that is a member of the Mutual Fund Dealers Association of Canada (item 1(a)).

A revised fee checklist, which must accompany all fee payments except those made electronically through SEDAR, will be published on our website during the first week in January 2002.

December 11, 2001

Douglas M. Hyndman
Chair

Ref:  Securities Regulation, section 22

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be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.