NIN 94/03 - Amendments to the Fee Schedule under the Securities Regulation [NIN - Rescinded]
| Published Date: | 1994-03-04 |
|---|---|
| Effective Date: | 1994-03-03 |
The amendments to item 20 and new items 37 to 40 in section 183(1) of the Regulation give effect to section 31(c) of the Securities Amendment Act, 1992, S.B.C. 1992, c. 52, which was brought into force on July 24, 1992 (see NIN#92/24). Section 31(c) provides that the Lieutenant Governor in Council may prescribe fees payable for the administration of the Securities Act or the Regulation or the activities carried out by the Commission and Superintendent under another enactment or policy statement.
The amendment to item 27 exempts from the $25 filing fee applicable to documents for which no other fee is prescribed:
1. Forms 4B - the new form of personal information for a director, officer, promoter or control person under section 73.1 of the Act required to be filed in certain circumstances (see NIN#92/18),
2. Forms 27 - non-confidential material change reports required to be filed under section 67(1)(b), and
3. Press releases required to be filed under various sections of the Act and Regulation.
The elimination of these fees is intended to simplify, and remove a potential disincentive to, the timely filing of these important continuous disclosure documents.
The filing fee for confidential material change reports filed under section 67(2) of the Act is increased to $100 (see item 34.1) to reflect the cost of handling these filings.
The Regulation has been amended to increase the fees payable for certain filings. To cover the cost of processing filings and to offset the elimination of filing fees for Forms 4B, non-confidential material change reports and press releases, the fee for filing annual financial statements under item 23 has been increased by $100. To cover the cost of handling cease trade orders for late filing, a new fee has been established under items 23(a)(iii), 23(b)(iii) and 23.1(c) for issuers that have been cease traded and file their financial statements outside the prescribed time period. To cover processing costs, a fee for certification of a record over ten pages under item 30 has been established.
The fees payable under items 12 and 13 for prospectus filings have been clarified. Section 183(3) has also been amended so that, in the normal course, an issuer is not required to pay an advance of fees. Finally, the new definition of "money market mutual fund" in section 183(6) more closely mirrors the definition in National Policy No. 39.
A copy of B.C. Reg. 39/94 is attached to this Notice. As of March 25, 1994, you can get, free of charge from the Commission's 11th floor reception desk, pre-printed copies of the revised Fee Checklist, which must accompany each prescribed filing fee. Prior to April 1, the Commission will also mail a copy of this Notice and the revised fee checklist to reporting issuers and to accountants and local law firms involved in securities filings.
DATED at Vancouver, British Columbia on March 3, 1994.
Douglas M. Hyndman
Chair
REF: NIN#92/18
NIN#92/24
PROVINCE OF BRITISH COLUMBIA
ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL
Order in Council No. 0163 Approved and Ordered FEB -3, 1994
_____________________________
Lieutenant Governor Executive Council Chambers, Victoria FEB. -2, 1994
On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective April 1, 1994, the Securities Regulation, B.C. Reg. 270/86, is amended as set out in the attached Schedule.
____________________________________ ___________________________________
Minister of Finance and Corporate Relations Presiding Member of the Executive Council
(This part is for administrative purposes only and is not part of the Order.)
Authority under which Order is made:
Act and section:- Securities Act, section 159 1985 c.13
Other (specify):- o.c. 2228/86
December 17, 1993 /93/33/aaa
1. Section 183 (1) of the Securities Regulation, B.C. Reg. 270/86, is amended
(a) by repealing item 12 and substituting the following:
Item Column 1 Column 2
12. In addition to any fees paid under item 13,
(a) for filing a preliminary prospectus or pro forma prospectus
(b) by repealing item 13 and substituting the following:(i) where that preliminary prospectus or pro forma prospectus relates
(ii) where that preliminary prospectus or pro forma prospectus relates
(b) for filing a preliminary prospectus where no distribution is contemplated........... $2 500to only one type, class or series of security......................................... $2 500
(ii) where that preliminary prospectus or pro forma prospectus relates
to more than one type, class or series of security,
(A) the fee set out in subparagraph (i) for each issuer, and
(B) for each additional type, class or series of security for each
or(A) the fee set out in subparagraph (i) for each issuer, and
(B) for each additional type, class or series of security for each
issuer.................................................................................. $ 500
Item Column 1 Column 2
13. In addition to any fees paid under item 12, for filing a preliminary prospectus or
pro forma prospectus where both an issuer and a security holder are proposing to
distribute securities................................................................................................... $1 000
(c) by repealing item 20 and substituting the following:distribute securities................................................................................................... $1 000
Item Column 1 Column 2
20. Subject to item 21, for filing an application to the commission or the superintendent
for a decision under the Act, this regulation, another enactment or a policy
statement, where no other fee for that filing is prescribed.............................................. $ 750
(d) by repealing item 23 and substituting the following:statement, where no other fee for that filing is prescribed.............................................. $ 750
Item Column 1 Column 2
23. For filing an annual financial statement by a reporting issuer, as required under
section 136 of this regulation, where the statement is filed
(a) by an exchange issuer
(e) by repealing item 23.1 and substituting the following:(a) by an exchange issuer
(i) within the prescribed time period.......................................................... $ 850
(ii) outside the prescribed time period........................................................ $1 050
(iii) outside the prescribed time period and the commission or
(b) by a reporting issuer other than an exchange issuer(ii) outside the prescribed time period........................................................ $1 050
(iii) outside the prescribed time period and the commission or
superintendent has ordered that trading in the securities of
the issuer cease and the order has not been revoked............................. $1 350
the issuer cease and the order has not been revoked............................. $1 350
(i) within the prescribed time period.......................................................... $ 600
(ii) outside the prescribed time period........................................................ $ 800
(iii) outside the prescribed time period and the commission or
(ii) outside the prescribed time period........................................................ $ 800
(iii) outside the prescribed time period and the commission or
superintendent has ordered that trading in the securities
of the issuer cease and the order has not been revoked.......................... $1 100
of the issuer cease and the order has not been revoked.......................... $1 100
23.1 For filing an interim financial statement by a reporting issuer, as required under
section 135 of this regulation, where the statement is filed
(a) within the prescribed time period, no fee is payable,
(b) outside the prescribed time period...................................................................... $ 200
(a) within the prescribed time period, no fee is payable,
(b) outside the prescribed time period...................................................................... $ 200
(c) outside the prescribed time period and the commission or superintendent
has ordered that trading in the securities of the issuer cease and the order
has not been revoked........................................................................................ $ 500
(f) by repealing item 27 and substituting the following:has not been revoked........................................................................................ $ 500
Item Column 1 Column 2
27. Where no other fee is prescribed, for filing, under the Act or this regulation, a record
other than
(a) a press release under section 67(1)(a), 83(3)(c), 93(1)(a) or (2)(a), 94(1) or (2)
(c) personal information under section 73.1 of the Act,
(d) an acknowledgment and undertaking under section 128 of this regulation, or
(e) a copy of an offering memorandum under section 131 of this regulation............. $ 25
(g) by repealing item 30 and substituting the following:(a) a press release under section 67(1)(a), 83(3)(c), 93(1)(a) or (2)(a), 94(1) or (2)
of the Act or section 147 of this regulation,
(b) a report under section 67(1)(b) of the Act,(c) personal information under section 73.1 of the Act,
(d) an acknowledgment and undertaking under section 128 of this regulation, or
(e) a copy of an offering memorandum under section 131 of this regulation............. $ 25
Item Column 1 Column 2
30. For the certification of a record
(a) for the number of pages, up to and including 10, included in the record............... $ 10
(b) for each additional page over 10 included in the record...................................... $ 1
and(b) for each additional page over 10 included in the record...................................... $ 1
(h) by adding the following items:
Item Column 1 Column 2
34.1 For filing a report under section 67 (2) of the Act.............................................................. $ 100
37. For an approval of a waiver of the appointment of an auditor under section 203 (3) (b)
of the Company Act....................................................................................................... $ 100
38. For a consent to the restoration of a company or extraprovincial company to the
register under section 286(4)(d) of the Company Act........................................................ $ 100
39. For filing a listing application under Local Policy Statement 3-19...................................... $1 50040. For a waiver under Part XII of National Policy Statement No. 41...................................... $ 100
2. Section 183(3)(a)(i) is repealed and the following substituted:
(i) with the prospectus, an estimate of the proceeds that will be realized from the distribution under the prospectus to purchasers in the Province, accompanied by,
(A) if the superintendent so requires, an advance of the prescribed fee based on the estimate of the proceeds, or
(B) in any other case, an undertaking to pay the prescribed fee not more than 30 days after the completion of the distribution under the prospectus, and.
3 Section 183(6) is repealed and the following substitute:(A) if the superintendent so requires, an advance of the prescribed fee based on the estimate of the proceeds, or
(B) in any other case, an undertaking to pay the prescribed fee not more than 30 days after the completion of the distribution under the prospectus, and.
(6) In this section
"cash equivalents" means cash or evidences of deposit issued or fully guaranteed by a bank or by a loan corporation or trust company registered under applicable federal or provincial legislation, where the bank, loan corporation or trust company has obtained, from rating agencies approved by the commission, a credit rating for its short term indebtedness that meets or exceeds the credit rating required by the commission;
"money market mutual fund" means a mutual fund that has
(a) all of its assets invested in one or more of the following:
(iii) floating rate indebtedness where the principal amounts of the indebtedness have a market value of approximately par at the time of each change in the rate to be paid to the holders of the indebtedness,"cash equivalents" means cash or evidences of deposit issued or fully guaranteed by a bank or by a loan corporation or trust company registered under applicable federal or provincial legislation, where the bank, loan corporation or trust company has obtained, from rating agencies approved by the commission, a credit rating for its short term indebtedness that meets or exceeds the credit rating required by the commission;
"money market mutual fund" means a mutual fund that has
(a) all of its assets invested in one or more of the following:
(i) cash equivalents or evidences of indebtedness maturing in 13 months or less;
(ii) government indebtedness maturing in 25 months or less;
(ii) government indebtedness maturing in 25 months or less;
(b) a portfolio with a dollar-weighted average term to maturity not exceeding the period specified by the commission,
(c) not less than 95% of its assets invested in cash equivalents or securities, which assets are denominated in the same currency as the units of the mutual fund, and
(d) not less than 95% of its assets invested in cash equivalents or evidences of indebtedness of issuers that have obtained, from rating agencies approved by the commission, a credit rating for their commercial paper that meets or exceeds the credit rating required by the commission.
(c) not less than 95% of its assets invested in cash equivalents or securities, which assets are denominated in the same currency as the units of the mutual fund, and
(d) not less than 95% of its assets invested in cash equivalents or evidences of indebtedness of issuers that have obtained, from rating agencies approved by the commission, a credit rating for their commercial paper that meets or exceeds the credit rating required by the commission.