BCN 2004/34 - Publication for Comment of Proposed Regulation under the New Securities Act [BCN - Lapsed]
The new Act authorizes the Commission, the provincial court, or the Supreme Court to order a person that contravenes the Act or commits an offence to pay to the Commission any amount obtained or payment or loss avoided as a result of the contravention or offence. Section 145 of the Act sets out how the Commission must handle money received under these orders. If the Commission receives money under one of these orders, the Commission must notify the public. The proposed regulation sets out the notification process.
Section 81 of the Act says that a person commits an offence if the person contravenes specified sections of the Act or contravenes regulations or rules specified by regulation. The proposed regulation specifies some sections of BC Instrument 62-502, Takeover Bids and Issuer Bids, for which contravention would be an offence. The specified sections contain the fundamental requirements governing takeover bids and issuer bids.
You can deliver comment letters in hard copy, by fax or by e-mail. Please address your submission to:
Brenda J. Benham
Project Head, New Legislation Project
British Columbia Securities Commission
P.O. Box 10142, Pacific Centre
701 West Georgia Street
Vancouver, BC V7Y 1L2
Fax: (604) 899-6506
All comments received by September 15 will be considered.
Your comment letter will be part of the public record, unless you request confidentiality. If you request confidentiality, we will not put your letter in the public file, but we might still have to disclose it if someone makes a request under freedom of information legislation.
If you have any questions, please contact:
Brenda Benham, Project Head, New Legislation Project at 604-899-6635 or at the e-mail address set out above.
August 6, 2004
Douglas M. Hyndman
This Notice may refer to other documents. These documents can be found at the BC Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.
1 The following sections of the B.C. Instrument 62-502 [Takeover Bids and Issuer Bids] are specified as offences for the purpose of section 81(p) of the Act:
(a) sections 8, 10, 11 and 12 [Restrictions on acquisitions or sales at time of bid]
(b) section 14 [General provisions]
(c) section 16 [Consideration in bids]
(d) section 17 [Offeror's circular]
(e) section 20 [Directors' circular]
2 (1) For the purpose of section 145(1) [Claim for wrongful benefit] of the Act, the manner of notification is set out in subsections (2) through (4) below.
(2) The Commission must publish a notice disclosing
(a) the matter to which the money received by the Commission relates,
(b) the identity of the parties known by the Commission to be involved,
(c) the amount of money received by the Commission in relation to the matter,
(d) the method of making a claim for the funds, and
(e) the last date on which a valid claim can be filed.
(3) The notice referred to in subsection (2) must be published at least once each week for 3 consecutive weeks in one major daily newspaper of general and regular paid circulation in British Columbia.
(4) In addition to publishing the notice under subsection (3), the Commission must also post the information required in the notice under subsection (2) on its website for a period of 3 years from the date of the first publication of the notice.