BCN 2001/57 - BC Instrument 52-507 Audit Committee Review of Interim Financial Statements of Exchange Issuers [BCN - Rescinded]
The Commission has made BC Instrument 52-507, effective today.
This Instrument states that an exchange issuer’s audit committee does not have to review the issuer’s interim financial statements for periods ending on or after May 30, 2001. This relief from section 3(12) of the Securities Rules was previously available under BOR 96/10. The exchange issuer’s board of directors must still approve the issuer’s interim financial statements (see s. 3(13) of the Rules and BC Form 51-901F Quarterly and Year End Report).
On May 30, 2001, we revoked BOR 96/10 and replaced it with BC Instrument 52-502 Exemption
from Audit Committee Review and Directors Approval of Interim Financial Statements and BC Instrument 52-504 Directors Review of Interim Financial Statements.
BCI 52-502 provides non-exchange issuers with interim relief from sections 3(12) and 3(13) of the Rules for interim financial statements covering periods that end on or before June 30, 2001 or are part of fiscal years beginning before January 1, 2001. This interim relief expires December 31, 2001.
BCI 52-504 exempts non-exchange issuers from sections 3(12) and (13) for interim statements covering periods that end after June 30, 2001 and are part of fiscal years beginning on or after January 1, 2001, provided that the issuer’s board of directors or audit committee reviews the statements.
When we issued these two Instruments, we did not provide any relief for the interim statements of exchange issuers. This omission was inadvertent. Therefore, we are issuing BCI 52-507 to supplement BCI 52-502 and BCI 52-504.
July 24, 2001
Brent W. Aitken
Ref: Securities Rules, ss. 3(12) and (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be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.