BCN 2002/01 - The Commission’s New Economy and Adoption of Technologies Initiative [BCN - Rescinded]

The British Columbia Securities Commission recognizes that the securities industry is burdened by unnecessary and costly regulatory requirements.  It is also aware of the importance of the new economy sector to BC’s economic development.

In response, the commission established the New Economy and Adoption of Technologies (NEAT) group to assess the impact of BC securities regulation on new economy firms and on firms adopting new technologies in all industry sectors.

NEAT’s Mandate and Objective
NEAT’s mandate is to identify the regulatory barriers that high-tech and other new economy companies face in raising capital and doing business in British Columbia.  To give effect to this mandate, we will immediately begin an ongoing dialogue with participants in the new economy in an effort to:

• improve our understanding of how new economy firms operate, e.g., their business cycles, the unique challenges they face, etc.
• identify specific regulatory barriers facing the new economy
• identify broader, structural regulatory impediments impacting the new economy
• understand how the Internet and other technologies are being utilized by firms in their capital-raising efforts and to communicate with shareholders and investors more generally, and determine the extent to which existing securities regulations impair the effective use of information technology for those purposes
• identify individuals from a cross-section of BC’s new economy to form part of the NEAT group and serve as key industry advisors to the commission.

As part of NEAT’s efforts to secure industry feedback, we have posted a survey on the commission’s website atwww.bcsc.bc.ca through which new economy industry participants may share their financing experiences and plans while helping us identify barriers to raising capital and doing business in BC.  Focus groups and interviews with industry participants and their advisors will also be held in January and February 2002 to gain a more in-depth understanding of the new economy.

In March 2002, the NEAT group will consult with the commission on its findings.  In late spring, the group will produce a summary report identifying those regulatory requirements that negatively impact new economy firms doing business in BC.  The NEAT group will then work with its external industry members and commission advisors over the course of the next year to give effect to its principal objective, which is to revise or eliminate the regulatory barriers that are identified in the report.

The success of this initiative depends on the willingness of industry to participate and provide its input.  Please take the time to complete the survey referred to above.

Questions
If you have questions about the initiative, please contact either of the following:

Derek E. Patterson, NEAT Chair
604-899-6801
dpatterson@bcsc.bc.ca

Anthony Wong, Lead Counsel
604-899-6777
awong@bcsc.bc.ca

January 7, 2002

Douglas M. Hyndman
Chair

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.