Securities Law

BCN 2004/49 - Request for Comment Consequential Amendments arising from Proposed National Instrument 45-106 Prospectus and Registration Exemptions [BCN - Lapsed]

Published Date: 2004-12-20
Rescinded Date: 2012-07-03
Related Document(s):

Concurrently Published:

In the attached notice, the Canadian Securities Administrators are publishing for comment proposed consequential amendments arising from proposed National Instrument 45-106 Prospectus and Registration Exemptions, which was also published for comment today under separate notice. 

The attached notice sets out the proposed amendments to national and multilateral instruments. 

On May 11, 2004, the Legislative Assembly of British Columbia passed a new Securities Act S.B.C. 2004, c.43 (new Act). We expect the new Act, together with new rules, regulation, fee schedule, forms and guides, to be brought into force in 2005. You can view this new securities framework on our website (see BCNs 2004/32, 2004/33, 2004/34, 2004/36 and 2004/37).

Proposed NI 45-106 and the proposed consequential amendments were drafted with the expectation that the new securities framework would be in effect in British Columbia. As a result, some of the proposed consequential amendments replace references to provisions in the Securities Act R.S.B.C. 1996, c. 418 (current Act) with references to the corresponding provisions of the new Act.

If the new Act is not in force when we adopt proposed NI 45-106, we will not proceed at that time with the proposed amendments to the following instruments that replace references to provisions in the current Act with references to the corresponding provisions of the new Act:

  • National Instrument 33-105 Underwriting Conflicts
  • National Instrument 62-103 The Early Warning System and Related Take-over Bid and Insider Reporting Issues
  • Appendix A to Multilateral Instrument 45-102 Resale of Securities. 

These proposed consequential amendments would be made after the new Act is brought into force.

The CSA notice describes where your comments and questions relating to the proposed consequential amendments can be directed. All comments received by March 17, 2005 will be considered.

December 17, 2004

 

Douglas M. Hyndman
Chair

Ref:   BC Notice 2004/48

National Instrument 45-106 Prospectus and Registration Exemptions
National Instrument 32-101 Small Securityholder Selling and Purchase Arrangements
National Instrument 33-105 Underwriting Conflicts
National Instrument 45-101 Rights Offerings
Multilateral Instrument 45-102 Resale of Securities
Multilateral Instrument 45-103 Capital Raising Exemptions
Multilateral Instrument 45-105 Trades to Employees, Senior Officers, Directors and Consultants
National Instrument 62-101 Control Block Distribution Issues
National Instrument 62-103 The Early Warning System and Related Take-over Bid and Insider Reporting Issues

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 Policies & Instruments or Historical Policies & Instruments sections of the website.