BCN 2008/36 Request for Comment Proposed National Policy 11-204 Process for Registration in Multiple Jurisdictions Proposed Amendments to Multilateral Instrument 11-102 Passport System, Companion Policy 11-102CP Passport System, National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions, and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions and Other Related Amendments [BCN - Lapsed]
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The attached notice describes the proposals of the Canadian Securities Administrators (CSA) to streamline the process for registration in multiple jurisdictions. The proposals include rule and policy amendments by the CSA, other than the Ontario Securities Commission (OSC), (the passport regulators) to make the passport system available for registration. The proposals also include a new national policy for adoption by all members of CSA, including the OSC, setting out the processes for registration in multiple jurisdictions.
The proposals also include rule and policy amendments to deal with issues that have arisen since the implementation of the phase II of passport for issuers. The phase II of passport for issuers covers continuous disclosure, prospectuses and discretionary exemption applications.
As part of these amendments, the Commission proposes to repeal section 2 (Foreign financial statements) and most of section 3 (Preparation of financial statements) of the Securities Rules (Rules) because these requirements are covered in National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (NI 52-107). We propose to repeal and replace section 3(5) of the Rules, which requires auditors to be independent and to be members of specified organizations. Schedule 1 to this Notice describes the proposed amendments, including consequential amendments arising from the repeal of section 2 and most of section 3 of the Rules.
We also propose to rescind BC Instrument 52-801 Implementing National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (BCI 52-801). It provides an exemption from sections 3(4), 3(5) and 3(6) of the Rules if the issuer complies with NI 52-107. It will no longer necessary with the repeal of most of section 3.
Request for comment
The CSA notice describes where you can direct your comments and questions on the proposals described in that notice. The CSA will consider all comments received by the deadlines.
Please provide your comments on the proposed amendments to the Rules by September 17, 2008 by delivering them to:
British Columbia Securities Commission
P.O. Box 10142, Pacific Centre
701 West Georgia Street
Vancouver BC V7Y 1L2
July 18, 2008
Douglas M. Hyndman
|Ref:||Proposed National Policy 11-204 Process for Registration in Multiple Jurisdictions|
Multilateral Instrument 11-102 Passport System
Companion Policy 11-102CP Passport System
National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions
National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions
Securities Rules, ss. 2 and 3
BC Instrument 52-801 Implementing National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency
This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website atwww.bcsc.bc.cain the section Securities Law & Policy: Policies & Instruments