58-501 - Disclosure of Corporate Governance Practices [BCI]
| Published Date: | 2008-03-10 |
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| Effective Date: | 2008-03-17 |
| Document(s): |
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Concurrently Published:
The Commission, having considered that to do so would not be prejudicial to the public interest, orders that, effective March 17, 2008, the attached BC Instrument 58-501 Exemption from National Instrument 58-101 Disclosure of Corporate Governance Practices is made.
March 10, 2008
Douglas M. Hyndman
Chair
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(This part is for administrative purposes only and is not part of the Order)
Authority under which Order is made:
Act and sections: Securities Act, section 187
Other (specify):
BC Instrument 58-501
Exemption from National Instrument 58-101
Disclosure of Corporate Governance Practices
Order Under Section 187 of the Securities Act
Definitions
1. In this Instrument:
(a) "NI 58-101" means National Instrument 58-101 Disclosure of Corporate Governance Practices; and
(b) "regulator" means the regulator or securities regulatory authority in Alberta, Saskatchewan, Manitoba, Ontario, Québec, Nova Scotia or New Brunswick.
Interpretation
2. Terms defined in the Act, the Securities Rules, NI 58-101, and National Instrument 14-101 Definitions have the same meanings in this instrument.
Application
3. This Instrument applies to a reporting issuer that had a director that was independent under the definition of "independence" in section 1.2(2)(a) of NI 58-101 as in force before March 17, 2008, if that director would not also have been independent under section 1.2(1) of NI 58-101.
Exemption
4. A reporting issuer is exempt from a requirement imposed by NI 58-101 that relates to the definition of independence if:
(a) the requirement did not apply in British Columbia to the reporting issuer before March 17, 2008 because the director was independent under the definition in section 1.2(2)(a) of NI 58-101,
(b) a regulator granted an exemption to the reporting issuer from the requirement before March 17, 2008,
(c) the exemption still applies to the reporting issuer, and
(d) the reporting issuer complies with any terms, conditions, restrictions or requirements imposed by the regulator as if they were imposed in British Columbia.