Securities Law

BCN 2002/10 - Status of Multilateral Instrument 45-103 Capital Raising Exemptions [BCN - Rescinded]

Published Date: 2002-02-12
Effective Date: 2002-02-12

Multilateral Instrument 45-103 Capital Raising Exemptions is a joint initiative of the British Columbia Securities Commission and the Alberta Securities Commission.  The proposed rule is intended to increase access to capital and investment opportunities in BC and Alberta while providing appropriate investor protection.  The proposed rule and related documents were published for comment on September 27, 2001.  The BCSC and ASC received 41 written comments on the proposed rule.

On February 8, 2002, the Alberta Securities Commission published for comment revised versions of the proposed rule and certain of the related documents.  The ASC has asked for comments on their proposal by March 11, 2002. 

The most significant changes proposed by the ASC are to the offering memorandum exemption.  If the ASC adopts this proposal, the offering memorandum exemption would be somewhat different in Alberta.  However, the forms of offering memorandum and the three other exemptions in MI 45-103 would still be identical in the two provinces.  For information on the ASC proposal, please refer to their website at

The BCSC is not proposing the changes to the offering memorandum exemption being considered by the ASC.  From our analysis of the comments we received during the publication period, particularly from BC market participants, and our experience with our current exemptions, we have concluded that the changes proposed by the ASC are not necessary for the market in BC.

The BCSC has submitted MI 45-103 to the Minister of Competition, Science and Enterprise, seeking consent to make it as a rule. If the Minister consents, we will make MI 45-103 a rule and adopt the companion policy. We will publish MI 45-103, the companion policy and other related documents at that time.

The BCSC and the ASC have targeted March 31, 2002, for implementation of MI 45-103. 

If you have any questions, please contact:

Leslie Rose
Senior Legal Counsel, Legal & Market Initiatives
British Columbia Securities Commission
Tel: (604) 899-6654
Fax: (604) 899-6814

February 12, 2002


Douglas M. Hyndman

Ref: Multilateral Instrument 45-103 Capital Raising Exemptions

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.