NIN 97/20 - Revised Rules and Regulations under the Securities Act as result of the Revised Statutes of British Columbia, 1996 [NIN - Rescinded]

Published Date:	1997-06-27
Effective Date:	1997-06-25

Under Part 2 of the Regulations Act Regulation, B.C. Reg. 394/83, the Commission has adopted revised versions of the Securities Rules (R.B.C. Reg. 194/97) and the Registration Transfer Rules (R.B.C. Reg. 193/97). These came into effect on June 12, 1997 when they were deposited with the Registrar of Regulations. Also under Part 2 of the Regulations Act Regulation, the Minister of Finance and Corporate Relations has adopted revised versions of the Securities Regulation (R.B.C. Reg. 196/97) and the Rule Making Procedure Regulation (R.B.C. Reg. 195/97). These came into effect on June 17, 1997 when they were deposited with the Registrar of Regulations.

As indicated in NIN#97/13, the government brought the Revised Statutes of British Columbia, 1996 into force on April 21, 1997. The Securities Act, S.B.C. 1985, c. 83 (the "Prior Act") was 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 has a different number than the equivalent section in the Prior Act.

The Commission is publishing a Special Supplement to this week’s Weekly Summary containing revised versions of the Securities Regulation, Rule Making Procedure Regulation, Securities Rules and Registration Transfer Rules. The revised versions of the regulations and rules made under the Securities Act have been revised solely to correct section references to the Revised Act and to modify the language to be consistent with the language used in the Revised Act.

The Executive Director has amended a number of Forms to correct section references that have changed as a result of the Revised Act (see NIN#97/19, NIN#97/21 and NIN#97/22) and will be amending other forms in due course. The Commission will also be amending Local Policy Statements, 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 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 revised versions of the Securities Regulation, Rule Making Procedure Regulation, Securities Rules and Registration Transfer Rules will be available from Crown Publications, 521 Fort Street, Victoria and at the Queen’s Printers, 849 Hornby Street, Vancouver.

DATED at Vancouver, British Columbia, on June 25, 1997.

Douglas M. Hyndman
Chair