BCN 2004/42 - Amendments to New Securities Act New Targeted Effective Date [BCN - Lapsed]
The government has passed the Miscellaneous Statutes Amendment Act (No. 3) 2004, S.B.C. 2004, c. 67. That Act amends the new Securities Act. Those amendments are attached.
The amendments to the new Securities Act ensure that the interface sections in the rules work as intended. Those sections provide an exemption from BC requirements for market participants that comply with legislation in other Canadian provinces and comply with other required conditions. The amendments also clarify the process for revoking a cease trade order for failure to file when the order has been outstanding for a period of time and make other minor amendments necessary for the Act and rules to function together as intended.
These amendments came into effect on Royal Assent and amend the unproclaimed Securities Act. The amendments will be included in the new Act when it comes into effect.
In our advance notice (BCN 2004/37) we indicated we were working with government to bring the new regime into effect on November 15, 2004. That has moved slightly and our new target date is November 29, 2004.
If you have any questions, please contact:
Head, New Legislation Project
November 1, 2004
Brent W. Aitken
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be found at the BC Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.
AMENDMENT ACT (No. 3), 2004
Securities Act, 2004
34 Section 24 of the Securities Act, S.B.C. 2004, c. 43, is amended by striking out "within the prescribed time." and substituting "in accordance with the regulations."
35 Section 44 (2) and (3) is repealed and the following substituted:
(2) If, within 6 months of the effective date of an order made under subsection (1),
(a) all records required to be filed under this Act or the regulations, whether or not mentioned in the order, are filed,
(b) all records, whether or not mentioned in the order, are completed in accordance with this Act and the regulations, and
(c) all fees required to be paid under this Act or the regulations, whether or not mentioned in the order, are paid,
the commission must revoke the order as soon as practicable.
(3) If an order made under subsection (1) is in effect 6 months or more after the effective date of the order, on application and payment of all fees required under this Act or the regulations, the commission must revoke the order unless the commission considers it prejudicial to the public interest to do so.
(3.1) Before the commission refuses to revoke an order under subsection (3), it must provide an opportunity to be heard.
36 Section 170 (2) is amended
(a) by repealing paragraph (aa) (ii) and substituting the following:
(ii) conditions that refer to
(A) a person or a class of persons,
(B) a code, standard, bylaw, rule or regulatory instrument referred to in paragraph (s),
(C) a law or regulatory instrument referred to in subparagraph (i) of this paragraph, or
(D) a jurisdiction or another regulator,
designated by the commission for the purposes of the rule, , and
(b) by adding the following paragraph:
(cc.1) in relation to the records used for determining the percentage of a class of securities a person holds, owns or controls; .