BCN 2005/22 - Adoption of BC Instrument 52-509 Audit Committees [BCN - Lapsed]
Effective July 1, 2005, the British Columbia Securities Commission is adopting BC Instrument 52-509 Audit Committees. This Instrument applies standards set by the International Organization of Securities Commissions (IOSCO) for audit committees of reporting issuers.
We published the Instrument for comment in May 2004. On February 4, 2005 we published a revised draft of the Instrument, and advance notice that, subject to Ministerial approval, we expected to adopt the Instrument effective July 1, 2005.
The only substantive change we made to the final Instrument was to add a transition provision. It provides relief for an issuer filing a management information circular or an annual information form for a financial year ending on or before June 29, 2005.
Most British Columbia reporting issuers must comply with MI 52-110. It is not our intention that any issuer should have to comply with two different sets of standards. For this reason, the Instrument recognizes the independence test in MI 52-110 and exempts issuers that comply with MI 52-110.
You may refer questions to:
Senior Legal Counsel
British Columbia Securities Commission
(800) 373-6393 (in B.C. and Alberta)
May 6, 2005
Douglas M. Hyndman
Ref: BC Instrument 52-509 Audit Committees
BC Notice 2004/28
BC Notice 2005/07
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.