Securities Law

BCN 2005/33 - BC Instrument 33-515 - Exemption from financial statement, capital, and bonding requirements for IDA members [BCN - Lapsed]

Published Date: 2005-06-21
Rescinded Date: 2012-05-31

Concurrently Published:

The Commission has granted exemptions from certain sections of the Securities Rules for members of the Investment Dealers Association (IDA).

Substance and purpose of the BCI

Investment dealers and underwriters in British Columbia must be members of the IDA.  The IDA has established capital, bonding, and financial reporting requirements for its members.  In some cases, these requirements differ from the requirements in Part 5 of the Securities Rules

It is Commission staff’s practice to waive the capital, bonding, and financial reporting requirements in Part 5 of the Securities Rules for IDA members that comply with relevant IDA requirements and to permit IDA members to file required reports with the IDA instead of the BCSC.  BCI 33-515 formalizes BCSC staff practice and eliminates needless duplication of requirements. 

The BCI exempts IDA members from the following sections of the Securities Rules:

Section

Requirement

19(1) and (2)

Working capital requirement

21 and 22

Bonding requirement

41(1)(b) and (2)

Monthly capital record

69

Annual financial statements

70(1) and (2)

Other financial reports

Members of the Mutual Fund Dealers Association (MFDA) were granted similar relief in BCI 33-513.  Registrants that are not members of the MFDA or IDA must still comply with the applicable financial statement, capital and bonding requirements set out in the Securities Rules

Questions

Your may refer questions to:

Laura Bliss
Senior Legal Counsel
Capital Markets Regulation
British Columbia Securities Commission
604-899-6666
1-800-373-6393 (in BC and Alberta)
lbliss@bcsc.bc.ca 

June 21, 2005

L.E. Evans, C.A.
Director, Capital Markets Regulation 

Ref:  BCI 33-515
         BCI 33-513 

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.