Securities Law

BCN 2005/21 - Adoption of Amended and Restated National Instrument 55-101 Insider Reporting Exemptions [BCN - Lapsed]

Published Date: 2005-04-29
Effective Date: 2005-04-30
Rescinded Date: 2012-05-31
Related Document(s):

Concurrently Published:

Effective April 30, 2005, the British Columbia Securities Commission is adopting amended and restated National Instrument 55-101 Insider Reporting Exemptions (the Instrument) and Companion Policy 55-101CP (the Policy).

 

The purpose of the amendments is to

  • provide an exemption from insider reporting requirements for “nominal officers”, senior officers of a reporting issuer or a major subsidiary who do not routinely have access to undisclosed material information about the issuer.
  • provide an exemption from insider reporting requirements for officers of a reporting issuer that is an insider of another reporting issuer (investment issuer), who do not routinely have access to undisclosed material information about the investment issuer.
  • revise the exemption from reporting in connection with an automatic securities purchase plan to address gaps that have been identified since the rule was first adopted.
  • make other minor housekeeping amendments.

 

A similar exemption for nominal officers is currently available in British Columbia under BC Instrument 55-504 Exemption from Insider Reporting Requirements for Certain Officers. BC Instrument 55-504 is being revoked effective April 30, 2005, when the amendments to the National Instrument come into effect.

Prior publications

We published the amendments for comment in May 2004. On February 11, 2005, we published advance notice that, subject to government approval, we expected to adopt the amendments effective April 30, 2005.

 

Questions

You may refer questions to:

Denise Duifhuis
Senior Legal Counsel
Legal Services, Corporate Finance
British Columbia Securities Commission
(604) 899-6792
(800) 373-6393 (in B.C. and Alberta)
dduifhuis@bcsc.bc.ca

April 29, 2005

Douglas M. Hyndman
Chair

Ref:     BC Notice 2005/11
            BC Notice 2004/24
            BC Instrument 55-504

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 section Securities Law & Policy: Policies & Instruments.