BCN 2005/02 - Request for Comment Proposed Repeal and Replacement of National Instrument 44-101 Short Form Prospectus Distributions;Form 44-101F3 Short Form Prospectus;and Companion Policy 44-101CP Short Form Prospectus [BCN - Lapsed]
- 44-101 - Short Form Prospectus Distributions [NI Proposed - Lapsed]
- 44-101CP - Companion Policy 44-101CP to National Instrument 44-101 Short Form Prospectus Distributions [CP Proposed - Lapsed]
- 44-101F1 - Short Form Prospectus [F Proposed - Lapsed]
In the attached notice, the Canadian Securities Administrators are publishing proposed National Instrument 44-101 Short Form Prospectus Distributions, Form 44-101F1 Short Form Prospectus, and Companion Policy 44-101CP for comment. If adopted, these documents would replace NI 44-101, Form 44-101F3 and Companion Policy 44-101CP that are currently in force.
Most significantly, the new version of NI 44-101 would
- eliminate duplication and inconsistencies between NI 44-101 and the continuous disclosure rules that apply, or will apply, to issuers under National Instrument 51-102 Continuous Disclosure Obligations and National Instrument 81-106 Investment Fund Continuous Disclosure, and
- revise the qualification criteria to allow more issuers that comply with the continuous disclosure rules to participate in the short form system.
By allowing most issuers listed on Canadian exchanges to use the short form system, CSA would be taking a step toward adoption of an integrated disclosure system. However, because it must be built on the legal structure of the existing prospectus system, it cannot achieve the same degree of streamlining and simplification as the continuous market access system under the new British Columbia Securities Act, which we expect to implement later in 2005.
The CSA notice describes where your comments and questions relating to the proposed instrument can be directed. All comments received by April 8, 2005 will be considered.
January 7, 2005
Douglas M. Hyndman
Ref: National Instrument 44-101 Short Form Prospectus Distributions
Form 44-101F3 Short Form Prospectus
Companion Policy 44-101CP Short Form Prospectus Distributions
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.