Securities Law

BCN 2000/59 - Adoption of National Instrument 41-101 Prospectus Disclosure Requirements and Related Documents and Rescission of National Policy Nos. 12, 13, 32 and 35 [BCN - Rescinded]

Published Date: 2000-12-22
Effective Date: 2000-12-20
Related Document(s):

The Commission, together with other members of the Canadian Securities Administrators, has adopted National Instrument 41-101 Prospectus Disclosure Requirements (“NI 41-101”).  The Commission has also made certain consequential amendments to the Securities Rules to ensure consistency with NI 41-101. 

NI 41-101 consolidates in one national instrument the prospectus disclosure requirements currently set forth in:

  • National Policy No. 12 Disclosure of “Market Out” Clauses in Underwriting Agreements in Prospectuses,
  • National Policy No. 13 Disclaimer Clause on Prospectus,
  • National Policy No. 32 Prospectus Warning Re: Scope of Distribution and
  • National Policy No. 35 Purchaser’s Statutory Rights,

as well as comparable prospectus disclosure requirements in the securities legislation of certain provinces.  NI 41-101 is substantially similar to the prior policies, although the prescribed disclosure has been simplified.

The full texts of NI 41-101 (B.C. Reg 423/2000) and the consequential amendments (B.C. Reg 430/2000) are attached to this notice.  They will be effective on December 31, 2000. 

NI 41-101 is an initiative of the CSA and has been or will be adopted as a rule in each of British Columbia, Alberta, Manitoba, Ontario and Nova Scotia, as a commission regulation in Saskatchewan and as a policy in all other jurisdictions represented by the CSA.

Effective December 31, 2000, NP 12, NP 13, NP 32 and NP 35 are rescinded and superseded by NI 41-101.


The Commission, together with other members of the CSA, published a draft of NI 41-101 and the consequential amendments for comment on May 16, 1997.1
One comment letter, from Osler Hoskin & Harcourt, was received on NI 41-101.  Details of the comments received, the responses of the CSA to those comments and specific changes made to the May 1997 draft may be found in the Ontario Securities Commission notice dated October 13, 2000 relating to NI 41-101, a copy of which is available on the OSC’s web site at

The Commission provided advance notice of NI 41-101 and the consequential amendments on October 12, 20002
Minor drafting changes have been made to the consequential amendments since they were published for information purposes with that notice.  

DATED at Vancouver, British Columbia, on December 20, 2000.



Douglas M. Hyndman

Ref: NP 12
NP 13
NP 32
NP 35

This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at in the Commission Documents database or the Historical Documents database.