Securities Law

BCN 2003/59 - Adoption of BCI 81-503 Lapse Date of Prospectuses Filed by Mutual Funds, Employee Venture Capital Corporations, and Venture Capital Corporations [BCN - Rescinded]

Published Date: 2003-12-24
Effective Date: 2003-12-24

Effective December 24, 2003, the Commission has made BC Instrument 81-503 “Lapse Date of Prospectuses Filed by Mutual Funds, Employee Venture Capital Corporations, and Venture Capital Corporations”.  This instrument replaces the previous version of this instrument dated March 24, 2000. 

The new instrument permits certain issuers that continuously offer securities to calculate the lapse date of a prospectus from the date of the first simplified prospectus or prospectus, instead of the date of the preliminary prospectus. This means that these reporting issuers can use their final prospectus to distribute securities for longer than securities legislation would otherwise permit.

This relief was previously provided only to mutual funds. The Commission recognizes that employee venture capital corporations (labour sponsored funds) and venture capital corporations also prepare prospectuses that are used to distribute their securities on a continuous basis, and take as much time to prepare as mutual fund prospectuses. Therefore, the Commission has decided to include these issuers in its blanket instrument.

Questions
You may refer questions to:

Laurel Petryk
Legal Counsel
Legal and Market Initiatives
British Columbia Securities Commission
(604) 899-6653
(800) 373-6393 (in B.C. and Alberta)
lpetryk@bcsc.bc.ca

December 24, 2003


Douglas M. Hyndman
Chair

Ref:  BCI 81-503 Lapse Date of Prospectuses Filed by Mutual Funds, Employee Venture Capital Corporations, and Venture Capital Corporations dated December 24, 2003

BCI 81-503 First Renewal Prospectuses Filed by Mutual Funds, Employee Venture Capital Corporations, and Venture Capital Corporations dated March 24, 2000
 

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be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.