BCN 2001/48 - Interim BC Policy 47-601 Advertising [BCN - Rescinded]

The Commission is adopting interim BC Policy 47-601 Advertising, effective June 30, 2001. The Policy sets out guidelines about advertising and similar communications intended to promote investor interest in an issuer or its securities.

The Policy replaces Local Policy Statement 3-39 and, in British Columbia, Uniform Act Policy
2-13.

Unlike LPS 3-39, BCP 47-601 is not restricted to advertising securities during a distribution. Rather, it sets out guidelines for advertising in the promotion of securities generally and extends to communications beyond the written word.

The Policy covers

• restrictions on advertising;
• the content of advertising, including the importance of balanced disclosure and the treatment of future oriented financial information;
• advertising in the context of prospectus distributions;
• advertising in the period between the receipt for the preliminary prospectus and the receipt for the final prospectus.

Comments

In view of these changes, the Policy is being published on an interim basis. The Commission is interested in receiving comments on the Policy. In particular, the Commission is interested in comments about the restrictions on advertising during the waiting period that were set out in Uniform Act Policy 2-13 and are now contained in Part 5 of the Policy. If you have any comments, please send them in writing before September 30, 2001, to:

Brenda J. Benham
Director, Policy and Legislation
British Columbia Securities Commission
P.O. Box 10142, Pacific Centre
701 West Georgia Street
Vancouver, BC  V7Y 1L2
(604) 899-6738 or
(800) 373-6393 (in B.C.)
bbenham@bcsc.bc.ca

Questions may be referred to:

Veronica Armstrong
Senior Policy Adviser, Policy and Legislation
British Columbia Securities Commission
P.O. Box 10142, Pacific Centre
701 West Georgia Street
Vancouver, BC  V7Y 1L2
(604) 899-6738 or
(800) 373-6393 (in B.C.)
varmstrong@bcsc.bc.ca

Comment letters submitted in response to Requests for Comment are placed in the public file and form part of the public record, unless you request confidentiality. Although we will not place comment letters requesting confidentiality in the public file, freedom of information legislation may require us to make comment letters available. If you submit a comment letter you should be aware that the press and members of the public may be able to obtain access to your letter.

June 27, 2001

Brent Aitken
Member

Ref:  LPS 3-39
 UAP 2-13

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.