Securities Law

BCN 2003/11 - BC Instrument 57-501 - Partial Variation for Cease Trade Orders of Certain Issuers [BCN - Rescinded]

Published Date: 2003-03-28
Effective Date: 2003-03-28

This Instrument permits a beneficial owner of securities that are subject to certain cease trade orders to trade them on a market outside of Canada through an investment dealer. If a client plans to rely on this BCI, the investment dealer must ensure that:

  • the issuer of the securities
    • is a reporting issuer,
    • is subject to a cease trade order listed in the schedule to the BCI,
    • is not subject to another cease trade order (as indicated in the list of cease trade orders on issued for reasons other than the issuer’s failure to file all required financial records, and
    • has a market for its securities outside of Canada.
  • the beneficial owner of the securities is not, and was not at the date of the cease trade order, an insider or control person of the reporting issuer.

Since February 13, 2003, we have followed a general policy, when issuing cease trade orders against issuers that fail to file financial records, of allowing British Columbia residents to sell securities of the issuer through a market outside of Canada. The BCI will make the same relief available for cease trade orders made before February 13, 2003. However, people who are (or were at the time of the cease trade order) insiders or control persons of the reporting issuer are not eligible to rely on this BCI.

Questions may be referred to:

L.E. Evans, C.A., Director
Capital Markets Regulation
British Columbia Securities Commission
(604) 899-6620
(800) 373-6393 (in B.C.)

March 28, 2003


Steve Wilson
Executive Director

Ref:  BCI 57-501

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documents can be found at the B.C. Securities Commission public website at in the Commission Documents database or the Historical Documents database.