Securities Law

BCN 2005/22 - Adoption of BC Instrument 52-509 Audit Committees [BCN - Lapsed]

Published Date: 2005-05-06
Rescinded Date: 2012-05-31
Related Document(s):

Concurrently Published:

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. 

Prior publications
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.

Amendments
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.

Interface provisions
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.

Questions
You may refer questions to:

Sheryl Thomson
Senior Legal Counsel
Corporate Finance
British Columbia Securities Commission
(604) 899-6778
(800) 373-6393 (in B.C. and Alberta)
sthomson@bcsc.bc.ca

May 6, 2005

Douglas M. Hyndman
Chair

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.