Securities Law

BCN 2001/84 - BC Instrument 55-502 Extension of Filing and Reporting Deadlines for the System for Electronic Disclosure by Insiders (SEDI) [BCN - Rescinded]

Published Date: 2001-12-14
Effective Date: 2001-12-13

The Commission has made an amended BC Instrument 55-502.  Section 1 of BCI 55-502 is effective December 13, 2001; and section 2 is effective from November 13, 2001 to and including January 20, 2002.  BC Instrument 55-502 dated October 26, 2001 is revoked effective December 13, 2001.

The purpose of BCI 55-502 is to change the effective date of certain provisions of National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI) and related instruments (the “National Instrument”). 

SEDI, located at www.sedi.ca, first went live on October 29, 2001 and was scheduled to become fully operational on December 17, 2001.  The date has been pushed back to allow system designers to correct a software application error, and to avoid introducing a new mandatory reporting system during a period when many people are on holidays and the typically high volume year-end filings are due.

The CSA have decided to extend the effective date of the insider and issuer event reporting provisions to January 21, 2002.  Until January 20, 2002, insiders should continue to file insider reports in paper format in the same manner as they currently file these reports.

In British Columbia, amendments to the Securities Act and Securities Rules will reduce the period within which trades by insiders must be reported from 10 days of the end of the month in which the trade takes place to 10 days after the trade.  This change was to have come into effect on November 13, 2001 to coincide with the requirement to file insider reports electronically on SEDI.  The Commission has decided to postpone this change until SEDI is fully operational on January 21, 2002.

BCI 55-501 Filing Insider Reports by Facsimile was to have been revoked effective December 17, 2001.  We will now revoke BCI 55-501 on January 21, 2002 instead.


Questions relating to BCI 55-502 may be referred to:

Laura J. Startup
Senior Legal Counsel
Legal and Market Initiatives
British Columbia Securities Commission
(604) 899-6748
(800) 373-6393 (in B.C. or Alberta)
lstartup@bcsc.bc.ca


December 13, 2001

 


Douglas M. Hyndman
Chair


Ref: National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI)
BCI 55-502 Extension of Filing and Reporting Deadlines for the System for Electronic Disclosure by Insiders (SEDI) dated October 26, 2001
BCI 55-502 Extension of Filing and Reporting Deadlines for the System for Electronic Disclosure by Insiders (SEDI) dated December 13, 2001


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.