Securities Law

BCN 2005/35 - Amendments to BCI 81-801 and BCI 51-801 [BCN - Lapsed]

Published Date: 2005-07-04
Rescinded Date: 2012-05-31

Concurrently Published:

In order to implement NI 81-106 Investment Fund Continuous Disclosure  (NI 81-106), which came into force on June 1, 2005, the Commission issued BCI 81-801 Implementing National Instrument 81-108 Investment Fund Continuous Disclosure. This BCI provides exemptions from certain financial reporting requirements in the Securities Act and Securities Rules. The Commission also revised BCI 51-801 Implementing National Instrument 51-102 Continuous Disclosure Obligations, effective June 1, 2005.  

The Commission is publishing revisions to each of these BC Instruments.

The revisions to BCI 81-801 clarify that investment funds that are not yet required to comply with NI 81-106, should follow the interim financial reporting requirements outlined in BCI 81-801 for financial periods ending on or before June 30, 2006.

The key revision to BCI 51-801 provides further options for certain foreign issuers to use non-Canadian generally accepted accounting principles and generally accepted auditing standards as NI 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency permits. 

Questions

You may refer questions to:

Noreen Bent
Manager and Senior Legal Counsel
Legal Services, Corporate Finance
British Columbia Securities Commission
(604) 899-6741
(800) 373-6393 (in B.C. and Alberta)
nbent@bcsc.bc.ca 

Christopher Birchall
Senior Securities Analyst
Corporate Finance
British Columbia Securities Commission
(604) 899-6722
(800) 373-6393 (in B.C. and Alberta)
cbirchall@bcsc.bc.ca 

June 30, 2005

Douglas M. Hyndman        
Chair 

Ref:

  • BC Instrument 81-801 Implementing National Instrument 81-106 Investment Fund Continuous Disclosure
  • BC Instrument 51-801 Implementing National Instrument 51-102 Continuous Disclosure Obligations
  • National Instrument 51-102 Continuous Disclosure Obligations
  • National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency
  • National Instrument 81-106 Investment Fund Continuous Disclosure

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.

 

British Columbia Securities Commission

 BC Instrument 81-801

The British Columbia Securities Commission, having considered that to do so would not be prejudicial to the public interest, orders that effective June 30, 2005, section 5(1) of BC Instrument 81-801 Implementing Investment Fund Continuous Disclosure made June 1, 2005 is rescinded and is replaced by the following:

5. Interim financial statement filing exemption

(1) Section 144(2) does not apply to a reporting issuer that is an investment fund for financial statements relating to financial years ending before June 30, 2006 if,

(a) in the case of a non-redeemable investment fund that is a reporting issuer, the fund files, on or before the 60th day after the date to which they are made up, interim financial statements,

(i) if the non-redeemable investment fund has not completed its first financial year, for the periods commencing with the beginning of that financial year and ending 9, 6 and 3 months respectively before the end of that financial year, or

(ii) if the non-redeemable investment fund has completed its first financial year, for the periods commencing at the end of its last completed financial year and ending 3, 6 and 9 months after that financial year end and comparative financial statements to the end of each of the corresponding periods in the immediately preceding financial year,

(b) in the case of a mutual fund that is a reporting issuer, the mutual fund files, on or before the 60th day after the date to which they are made up, interim financial statements,

(i) if the mutual fund has not completed its first financial year, for the period commencing with the beginning of that financial year and ending 6 months before the end of that financial year, and

(ii) if the mutual fund has completed its first financial year, for the 6 month period commencing at the end of its last completed financial year and may include comparative financial statements to the end of the corresponding period in the immediately preceding financial year. 

June 30, 2005

Douglas M. Hyndman
Chair

________________________________________________________________               
(This part is for administrative purposes only and is not part of the Order)

Authority under which Order is made:
Act and sections:- Securities Act, section 171
Other (specify):