BC Notices

BCN 2010/42 Adoption of National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards and amendments to various securities rules in connection with Canada’s changeover to IFRS [BCN]
Published December 30, 2010
View PDF of BC Regulation 382/2010 PDF
View PDF of BC Regulation 383/2010  PDF
View PDF of schedules to BC Regulation 382/2010 PDF 

View list of concurrently published documents 

Effective January 1, 2011, the Commission, together with other Canadian Securities Administrators, are adopting National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards and its Companion Policy 52-107CP. These would replace the current versions of NI 52-107 and Companion Policy 52-107CP.

We are also adopting related amendments to:

  • National Instrument 14-101 Definitions
  • National Instrument 31-103 Registration Requirements and Exemptions 
  • Companion Policy 31-103CP Registration Requirements and Exemptions
  • National Instrument 33-109 Registration Information
  • National Instrument 41-101 General Prospectus Requirements 
  • Companion Policy 41-101CP General Prospectus Requirements
  • National Instrument 44-101 Short Form Prospectus Distributions 
  • Companion Policy 44-101CP Short Form Prospectus Distributions
  • National Instrument 44-102 Shelf Distributions 
  • National Instrument 45-106 Prospectus and Registration Exemptions 
  • Companion Policy 45-106CP Prospectus and Registration Exemptions
  • National Instrument 51-102 Continuous Disclosure Obligations 
  • Companion Policy 51-102CP Continuous Disclosure Obligations
  • National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings
  • Companion Policy 52-109CP Certification of Disclosure in Issuers’ Annual and Interim Filings

Substance and purpose of the Instrument
The new NI 52-107, its companion policy and the related amendments address changes to securities regulation arising from Canada’s changeover to International Financial Reporting Standards in Canada. These changes will clarify how we want financial statements of issuers and registrants to be prepared and audited and how we want issuers and registrants to disclose compliance with applicable accounting and auditing standards.

Prior publications
We published the proposed versions of NI 52-107, its companion policy and related amendments for comment on September 25, 2009, October 16, 2009 and October 23, 2009 (BCN 2009/18, BCN 2009/19, 2009/20, 2009/21, BCN 2009/27 and BCN 2009/28). We published advance notice for our proposed repeal and replacement of NI 52-107, its companion policy and proposed adoption of the amendments on October 1, 2010 (BCN 2010/28, BCN 2010/29, BCN 2010/30, BCN 2010/31, BCN 2010/32 and BCN 2010/33).

Consequential amendments to instruments and policies
Effective January 1, 2011, we are adopting consequential amendments to

  • Multilateral Instrument 11-102 Passport System
  • Companion Policy 11-102CP Passport System
  • National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR)
  • National Instrument 21-101 Marketplace Operation 
  • National Instrument 52-110 Audit Committees 
  • National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer
  • Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids
  • National Policy 12-202 Revocation of a Compliance-related Cease Trade Order
  • National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults

Also effective January 1, 2011, we are revoking and re-issuing National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, which British Columbia adopted as a blanket order, rather than as a rule. We are also replacing Companion Policy 71-102CP Continuous Disclosure and Other Exemptions Relating to Foreign Issuers.

Questions

You may refer questions to:

Carla-Marie Hait
Chief Accountant
British Columbia Securities Commission
(604) 899-6726 or (800) 373-6393 (toll free in Canada)
chait@bcsc.bc.ca

Manuele Albrino
Associate Chief Accountant
British Columbia Securities Commission
(604)899-6641 or (800) 373-6393 (toll free in Canada)
malbrino@bcsc.bc.ca

Leslie Rose
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
(604) 899-6654 or (800) 373-6393 (toll free in Canada)
lrose@bcsc.bc.ca

 

December 30, 2010

 

Brenda M. Leong
Chair

 

This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website atwww.bcsc.bc.ca in the Policies & Instruments or Historical Policies & Instruments sections of the website.