NIN 99/34 - Multijurisdictional Disclosure System [NIN - Rescinded]

Staff of the British Columbia Securities Commission note that the United States Securities and Exchange Commission (the "SEC"), in connection with its proposal for reforming its registration system (SEC Release Nos. 33-7606A, 34-40632A, IC-23519A (November 13, 1998) frequently referred to as the "Aircraft Carrier Release"), requested comment on whether to continue the multijurisdictional disclosure system (the "MJDS") for Canadian issuers. Although the SEC has not issued a proposal to discontinue the MJDS at this time, Canadian companies should consider reviewing the Aircraft Carrier Release against the possibility that the MJDS may not be available to them in the future.

As well, Canadian market participants, including participants who currently use the MJDS for SEC registration or reporting, should be aware of two other SEC proposals and may wish to evaluate their potential implications. The proposals are set out in SEC Release Nos. 33-7611, 34-40678 Cross-Border Tender Offerings, Business Combinations, and Rights Offerings (November 13, 1998) and SEC Release Nos. 33-7637, 34-41014International Disclosure Standards (February 2, 1999) and are available on the SEC website at www.sec.gov.

Commission staff and staff of other members of the Canadian Securities Administrators are continuing discussions with SEC staff regarding the status of the MJDS, including its status for offerings and other transactions in Canada. SEC staff have advised us that any proposals relating to the MJDS would be published with a request for public comment before any final actions are taken.

Questions may be referred to:

Brenda J. Benham
Director, Policy & Legislation
(604) 899-6635
or (800) 373-6393 (in B.C.)
bbenham@bcsc.bc.ca


DATED at Vancouver, British Columbia, on September 15, 1999

Steve Wilson
Executive Director