NIN 97/13 - Revised Securities Act as part of the Revised Statutes of British Columbia, 1996 [NIN - Rescinded]

The government has recently passed an order-in-council to bring the Revised Statutes of British Columbia, 1996 into force effective April 21, 1997. The Securities Act, S.B.C. 1985, c. 83 (the "Current Act") will be replaced by the Securities Act, R.S.B.C. 1996, c. 418 (the "Revised Act"). As a result of the revision, almost every section in the Revised Act will have a different number than the equivalent section in the Current Act.

The British Columbia Securities Commission is publishing a Special Supplement to this week's Weekly Summary containing a blacklined copy of the Revised Act, showing changes from the Current Act, as well as a table of concordance between the Current Act and the Revised Act. Because market participants and their advisers frequently refer to the Company Act, the Commission is also publishing a table of concordance for the Company Act in the Special Supplement. The tables of concordance are intended to be aids and should not be solely relied upon.

In addition to the renumbered sections, the Revised Act reflects a large number of wording changes intended to introduce plain language and gender-neutral terms. These changes affect the wording of most sections but do not change the meaning or legal effect of the provisions.

For example, Latin terms have been replaced by English terms or simply deleted. In particular, the words "bona fide" have been deleted in several sections as the term is considered unnecessary. References in legislation to things (in these cases to newspapers and debts) must be taken to refer to genuine things, unless the context otherwise requires.

Section 9 of the Statute Revision Act, S.B.C. 1992, c. 54, provides that references to the pre-revision provisions, section numbers and titles of the Current Act in regulations or other instruments that were enacted before April 21, 1997 or in other documents that existed before April 21, 1997 must be interpreted as references to the equivalent provisions of the Revised Act, without changes being made to the documents themselves.

The Commission will be amending the Securities Rules and proposing amendments to the Regulations to update references to the Revised Act. As required by the Rule Making Procedure Regulation, the proposed amendments will be published for comment in the near future. The Commission will also be amending Local Policy Statements, Forms, BORs, and NINs in due course to correct section references that have changed as a result of the Revised Act. The Commission will work with other jurisdictions to amend any National Policies and National Instruments that now refer to sections of the Current Act. Until the updated Regulations, Securities Rules, Local Policy Statements, Forms, BORs, NINs, National Policies and National Instruments are adopted, they should be read to refer, with the necessary changes, to the appropriate sections of the Revised Act.

Additional copies of the Special Supplement will be available for pick up from the Commission's 11th floor receptionist from 8:00 a.m. to 4:30 p.m. at a cost of $10.00 each. The Commission will mail a maximum of three copies per person at a cost of $10.00 each. If more than three copies are required, you will be asked to make arrangements to have them picked up from the 11th floor receptionist.

The authoritative version of the Revised Statutes of British Columbia may be obtained from Crown Publications, 521 Fort Street, Victoria and at the Queen's Printers, 849 Hornby Street, Vancouver.

DATED at Vancouver, British Columbia, on April 3, 1997

Douglas M. Hyndman
Chair