NIN 92/18 - Required Form of Personal Information [NIN - Rescinded]
| Published Date: | 1992-07-10 |
|---|---|
| Effective Date: | 1992-07-10 |
The Form 4, however, was designed for and is used by individuals seeking registration from a Canadian securities commission or self-regulatory body or both, or seeking registration as a partner, director or officer of an adviser. As a result, the disclosure required by the Form 4 is not always appropriate for Principals of issuers. For example, the sections of Form 4 dealing with the type of registration or approval requested, to which self-regulatory body or commission the application is being made, and the certificate and agreement of the applicant and sponsoring firm, are all irrelevant in respect of Principals and have caused confusion. For these reasons, the Superintendent has developed a more appropriate form of personal information for Principals.
Effective September 1, 1992, the Superintendent specifies, in accordance with section 158 of the Act, Form 4B, attached to this Notice, as the required form of personal information for the purpose of section 73.1 of the Act. Local Policy Statement 3-02 has already been amended to require the Principals of issuers filing a prospectus subject to Local Policy Statement 3-02 to file a Form 4B in lieu of a Form 4 (see NIN#90/33). References to Form 4 in Local Policy Statements 3-26 and 3-35 are replaced effective September 1, 1992 with references to Form 4B.
Effective September 1, 1992, the Superintendent requires that a Form 4B be filed in the following circumstances:
1. Persons who become directors or officers of an exchange issuer or of an issuer that is a reporting issuer in British Columbia but in no other Canadian jurisdiction (an "Issuer") must file a Form 4B, or statutory declaration in lieu (see below), within 30 days of assuming the position.
2. Principals of an Issuer must file a Form 4B, or statutory declaration in lieu (see below), at the time the Issuer files a reactivation application under Local Policy Statement 3-35 or an offering document, such as a prospectus, a statement of material facts or a rights offering circular.
However, where the reactivation application or offering document is filed within three years of the Principal's latest filing of a Form 4B, the Principal may file the following in lieu of a Form 4B:
1. a statutory declaration that there has been no significant change, as defined below, in the contents of the Principal's latest Form 4B; or
2. a statutory declaration that there has been a significant change, as defined below, in the contents of the Principal's latest Form 4B and that discloses the nature of the change.
A "significant change" in the contents of a Form 4B refers to a change in the information disclosed in response to the questions dealing with change of name or business name, administrative proceedings, offenses, civil proceedings, bankruptcy and settlement agreements.
Prior to September 1, 1992, the Superintendent will accept a Form 4B from Principals who would otherwise be required to file a Form 4.
Directors and officers of Issuers should advise the Superintendent by letter, or by filing a copy of the Form 10 or Form 11 filed under the British Columbia Company Act, when there is a change in the capacity in which they are acting, when they cease to act in that capacity in respect of an Issuer or when they become a director or officer of an issuer that they did not refer to in question 7 of their latest Form 4B.
The Commission will not charge a fee under section 189 of the Securities Regulation ("Regulation") for the filing of a Form 4B. An amendment will be made to item 27 of section 183(1) of the Regulation to exclude Form 4B from the $25 filing fee for documents for which no other fee is prescribed. It is expected that this amendment will become effective prior to September 1, 1992. A Notice will be published at that time, advising of the amendment.
Pre-printed copies of Form 4B are available, free of charge, from the Commission's 11th floor reception desk.
DATED at Vancouver, British Columbia, on July 9, 1992.
Douglas M. Hyndman Wade D. Nesmith
Chairman Superintendent of Brokers
REF: NIN#90/33
LPS 3-02
LPS 3-26
LPS 3-35