Securities Law

BCN 2002/29 - Amendments to BCIN 33-701 Trading by Limited Dealers under Registration and Prospectus Exemptions [BCN - Rescinded]

Published Date: 2002-07-05
Effective Date: 2002-07-04

Effective July 8, 2002, the Commission has amended the conditions of registration imposed on all limited dealers when trading securities under certain exemptions.  BCIN 33-701 describes these conditions of registration and has been revised to reflect the amended conditions. 

Limited dealers will no longer need to sign a certificate contained in an offering memorandum (condition 2).  The conditions were also amended to clarify that, although a limited dealer is required to conduct due diligence on exempt market products, the limited dealer is not expected to be an underwriter (condition 1).

We made these amendments because limited dealers could face additional liability as a result of recent amendments made to the Securities Act in May 2002.  We also considered comments we received about these conditions during the development of Multilateral Instrument 45-103 Capital Raising Exemptions.

Please refer questions to:

Leslie Rose
Senior Legal Counsel, Legal and Market Initiatives
British Columbia Securities Commission
(604) 899-6654
(800) 373-6393 (in B.C. or Alberta)

July 4, 2002

Steve Wilson
Executive Director

Ref: BCIN 33-701
 MI 45-103
 BCN 2002/16

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documents can be found at the B.C. Securities Commission public website at in the Commission Documents database or the Historical Documents database.