BCN 2009/13 - Electronic filing of reports of exempt distribution [BCN]
| Published Date: | 2009-07-27 |
|---|---|
| Related Document(s): |
Concurrently Published:
- 13-502 - Electronic filing of reports of exempt distribution [BCI - Rescinded]
- 13-502CP - Electronic filing of reports of exempt distribution [CP - Rescinded]
Effective July 30, 2009, the Commission is adopting British Columbia Instrument 13-502 Electronic filing of reports of exempt distribution (the rule) and Companion Policy 13-502CP (the policy).
Substance and purpose of the rule
Issuers who use certain exemptions from the prospectus requirement are required to report their use of the exemption by filing Form 45-106F1 Report of exempt distribution (report) and pay fees based on the amount of capital raised in British Columbia.
We receive approximately 7,000 reports each year. During the 2008 fiscal year, we received over 5,000 of these reports in paper format, and received approximately 85% of the fees by cheque. It takes us up to two weeks to process reports submitted in paper format and post the information in those reports to our website.
The rule will require issuers to file these reports and pay the related fees electronically using the Commission’s existing online electronic filing and payment systems available through BCSC e-services at www.bcsc.bc.ca/EServices. The rule also requires report-related documents, such as offering memoranda, technical reports and consents of qualified persons, to be filed electronically, if they are required to be filed with the report.
Summary of policy
The policy provides guidance on when issuers are required to file reports in British Columbia and which reports must be filed electronically. It also provides guidance on how to register as an e-services user, create an issuer profile and apply to pay fees through an electronic funds transfer.
Prior publications
We published the rule and policy for comment on December 10, 2008 (BCN 2008/50). The comment period expired on February 9, 2009. On June 5, 2009, we published advance notice that, subject to government approval, we expected to adopt the rule and the policy effective July 30, 2009 (BCN 2009/07).
Questions
You may refer questions about the rule and the policy to:
Leslie Rose
Senior Legal Counsel
Corporate Finance
British Columbia Securities Commission
(604) 899-6654
(800) 373-6393 (toll free across Canada)
lrose@bcsc.bc.ca
You may refer questions about BCSC e-services to:
Christine Zenith
Senior Filings Administrator
Corporate Finance
British Columbia Securities Commission
(604) 899-6551
(800) 373-6393 (toll free across Canada)
czenith@bcsc.bc.ca
Leslie Rose
Senior Legal Counsel
Corporate Finance
British Columbia Securities Commission
(604) 899-6654
(800) 373-6393 (in B.C. and Alberta)
lrose@bcsc.bc.ca
July 27, 2009
Brent Aitken
Acting Chair
Ref: BC Instrument 13-502 Electronic filing of reports of exempt distribution
Companion Policy 13-502 Electronic filing of reports of exempt distribution
National Instrument 45-106 Prospectus and Registration Exemptions
Form 45-106F1 Report of Exempt Distribution
BC Notice 2008/50 Notice and Request for Comment
BC Notice 2009/07 Advance Notice
BC Notice 2005/48 Filing exempt distribution reports now quicker and easier
This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.