BCN 2000/53 - Reorganization of Regulatory Instruments [BCN - Rescinded]
Since September the Commission has been reviewing its existing instruments to find those that are no longer necessary. Over 108 have been eliminated; more will be on the adoption of pending local and national instruments and after we review our Local Policies and Forms.
In conjunction with this regulatory streamlining process, the Commission is also taking the following measures:
- The instruments to be kept will be redrafted to reflect current law and practice. The redrafting will follow plain language principles.
- With the exception of one category (described below), all instruments will be renumbered under the subject-based five digit system in use for local documents since July 1, 1999. This is the same subject-based numbering system used for CSA instruments.
- We are adopting a new system for organizing our instruments that shows each instrument’s type and clearly identifies it as local.
The details of these measures follow.
All instruments will fall into one of five categories:
BC Notices (BCNs) - These, together with the BCINs explained below, take the place of NINs. BCNs are temporary instruments requesting comment on proposed instruments or announcing the adoption of new instruments or changes to existing ones. BCNs are numbered in the year/number format shown at the top of this BCN. Until the Commission revises its documents database, these BCNs will be found under the heading “Notices and Interpretation Notes”.
BCNs that request comment are normally eliminated one month after the expiry of the comment period. BCNs that announce the adoption of new instruments or changes to existing ones are normally eliminated three months after the effective date of the adoption or change.
BC Interpretation Notes (BCINs) - These are instruments that set out the Commission’s interpretation of provisions of the Act, the Rules or other instruments. They are numbered using the five digit numbering system.
BC Instruments (BCIs) - These take the place of local rules and BORs, and will include other general variations and waivers. They are numbered using the five digit numbering system. When appropriate, a companion policy may be issued in connection with a BCI. In that case, the companion policy bears the same number as the BCI with the suffix “CP”.
BC Policies (BCPs) - These replace local policies and are numbered using the five digit numbering system.
BC Forms (BCFs) - These are numbered using the five digit numbering system.
The initial streamlining review sorted the surviving instruments into two groups: those to be kept, and those to be eliminated or substantially modified on the adoption of pending local or national instruments.
Instruments to be kept will be redrafted and renumbered as described above.
Instruments awaiting the adoption of local or national instruments with effective dates after June 30, 2000 will not be redrafted but will be renumbered. This work will be completed by May 31, 2001.
Instruments awaiting the adoption of local or national instruments with effective dates on or before June 30, 2000 will be kept unchanged until they are eliminated.
In January 2001 the Commission will publish a table of all surviving NINs, BORs and Local Policies setting out the intended disposition of each instrument. A similar table will be published for the Forms on completion of that review.
The Commission believes these measures will make it easier for securities market participants to find and interpret our regulatory instruments.
DATED at Vancouver, British Columbia, on December 6, 2000.
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 Commission Documents database or the Historical Documents database.