BCN 2009/16 - Adoption of National Policy 11-204 Process for Registration in Multiple Jurisdictions and Amendments to Multilateral Instrument 11-102 Passport System, Companion Policy 11-102CP Passport System, National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions, National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, and the Securities Rules [BCN]
| Published Date: | 2009-09-25 |
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| Related Document(s): |
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Concurrently Published:
- 11-102 - Passport System [MI - Rescinded]
- 11-102CP - Passport System [CP - Rescinded]
- 11-202 - Process for Prospectus Reviews in Multiple Jurisdictions [NP - Rescinded]
- 11-202 - Process for Prospectus Reviews in Multiple Jurisdictions [NP - Rescinded]
- 11-203 - Process for Exemptive Relief Applications in Multiple Jurisdictions [NP - Rescinded]
- 11-204 - Process for Registration in Multiple Jurisdictions [NP]
- 31-101 - National Registration System [NI - Rescinded]
Effective September 28, 2009, the Commission and other members of the Canadian Securities Administrators (CSA) are adopting
- National Policy 11-204 Process for Registration in Multiple Jurisdictions (NP 11-204), and
- amendments to:
- Multilateral Instrument 11-102 Passport System (MI 11-102),
- Companion Policy 11-102CP Passport System (CP 11-102),
- National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions (NP 11-202), and
- National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions (NP 11-203).
Effective September 28, 2009, the Commission is repealing section 2 (Foreign financial statements) and most of section 3 (Preparation of financial statements) of the Securities Rules (Rules). The Commission is also amending section 3(5) of the Rules and making consequential amendments arising from the repeal of section 2 and most of section 3 of the Rules.
Also effective September 28, 2009, the Commission is rescinding BC Instrument 52-801 Implementing National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (BCI 52-801).
Substance and purpose of the new policy and amendments
The amendments to MI 11-102 implement the next phase of passport for registrants and amend phase II of passport for issuers. NP 11-204 sets out the processes for registration in multiple jurisdictions. The NP 11-202 amendments deal with issues that have arisen since the implementation of phase II of passport for issuers. The NP 11-203 amendments reflect the MI 11-102 amendments.
The amendments to the Rules repeal requirements that are covered in National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency and make consequential amendments. BCI 52-801 is no longer necessary with the amendments to the Rules.
Prior publications
On March 28, 2007, we first published for comment the passport for registrants in MI 11-102 and CP 11-102 (BCN 2007/12).
On July 18, 2008, we published for comment NP 11-204 and the amendments to MI 11-102, CP 11-102, NP 11-202 and NP 11-203 for passport for registrants and issuers. We also published the amendments to the Rules and the rescission of BCI 52-801 (BCN 2008/36).
On December 19, 2008, we published notice that we intended to make all the changes effective when we adopt National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103) (BCN 2008/53).
On July 17, 2009, we published notice that, subject to government approval, we expected to adopt the amendments and new policy and rescind BCI 52-801 effective September 28, 2009 when NI 31-103 is adopted (BCN 2009/10).
Questions
You may refer questions to:
Anne Hamilton
Senior Legal Counsel
British Columbia Securities Commission
(604) 899-6716
ahamilton@bcsc.bc.ca
September 25, 2009
Brent W. Aitken
Acting Chair
| Ref: | National Policy 11-204 Process for Registration in Multiple Jurisdictions Multilateral Instrument 11-102 Passport System Companion Policy 11-102CP Passport System National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions Securities Rules, ss. 1, 2 and 3 BC Instrument 52-801 Implementing National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency National Instrument 31-103 Registration Requirements and Exemptions |
| 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. | |
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