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Securities Law

BCN 2005/52 - Advance Notice of Consequential amendments to Multilateral Instrument 11-101 Principal Regulator System arising from the replacement of National Instrument 44-101 Short Form Prospectus Distributions [BCN - Lapsed]

Published Date: 2005-10-21
Rescinded Date: 2012-05-31

Concurrently Published:

In the attached notice, the Canadian Securities Administrators announce the expected implementation of certain consequential amendments to Multilateral Instrument 11-101 Principal Regulator System arising from the replacement of National Instrument 44-101 Short Form Prospectus Distributions.  

October 21, 2005

Douglas M. Hyndman
Chair 

Ref:     National Instrument 44-101 Short Form Prospectus Distributions
Multilateral Instrument 11-101 Principal Regulator System 

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 Policies & Instruments or Historical Policies & Instruments sections of the website.

 

Notice 

Consequential Amendment Arising from the
Replacement of
National Instrument 44-101 Short Form Prospectus Distributions 

Amendment to Multilateral Instrument 11-101 Principal Regulator System 

October 21, 2005

Overview
We, the Canadian Securities Administrators (CSA), are replacing National Instrument 44-101 Short Form Prospectus Distributions, Form 44-101F3 Short Form Prospectus and Companion Policy 44-101CP (collectively, the Former Short Form Instruments), which came into effect December 31, 2000, with new instruments (collectively, the New Short Form Instruments) (see CSA Notice of Replacement of National Instrument 44-101 Short Form Prospectus Distributions dated October 21, 2005). 

The New Short Form Instruments permit more reporting issuers to use the short form prospectus system, eliminates duplication and inconsistencies between the short form system and the continuous disclosure regimes, further streamlines the short form prospectus system, and addresses deficiencies or ambiguities in the Former Short Form Instruments that we have identified over the past four years.

A number of other national instruments build on the foundation of the Former Short Form Instruments, or make reference to some of their requirements.  As a consequence of the replacement of the Former Short Form Instruments with the New Short Form Instruments, we are also amending Multilateral Instrument 11-101 Principal Regulator System (MI 11-101).  In this Notice, the amendment instrument for MI 11-101 is referred to as the Amendment Instrument.

Members of the CSA in the following jurisdictions have made, or expect to make, the Amendment Instrument

  • a rule in each of British Columbia, Alberta, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador;
  • a commission regulation in Saskatchewan and a regulation in Québec, Northwest Territories and Nunavut;
  • a policy in the Yukon.

In British Columbia, the implementation of the Amendment Instrument is subject to ministerial approval. 

In Québec, the Amendment Instrument is a regulation made under section 331.1 of The Securities Act (Québec) and must be approved, with or without amendment, by the Minister of Finance. The Amendment Instrument will come into force on the date of its publication in the Gazette officielle du Québec or on any later date specified in the regulation.

Provided all necessary ministerial approvals are obtained, the Amendment Instrument will come into force on December 30, 2005.

The Amendment Instrument
We are making the Amendment Instrument as a consequence of the proposed replacement of Form 44-101F3 Short Form Prospectus with Form 44-101F1 Short Form Prospectus.  The Amendment Instrument is not being published for comment because it does not materially change MI 11-101. 

Questions
Please refer your questions to any of: 

Michael Moretto
Manager, Corporate Finance
British Columbia Securities Commission
(604) 899-6767
mmoretto@bcsc.bc.ca 

Tracy Hedberg
Senior Securities Analyst
British Columbia Securities Commission
(604) 899-6797
thedberg@bcsc.bc.ca 

Charlotte Howdle
Securities Analyst
Alberta Securities Commission
(403) 297-2990
charlotte.howdle@seccom.ab.ca

Mavis Legg
Manager, Securities Analysis
Alberta Securities Commission
(403) 297-2663
mavis.legg@seccom.ab.ca 

Patricia Leeson
Senior Legal Counsel
Alberta Securities Commission
(403) 297-5222
patricia.leeson@seccom.ab.ca 

Melinda Ando
Senior Legal Counsel
Alberta Securities Commission
(403) 297-2079
melinda.ando@seccom.ab.ca 

Ian McIntosh
Deputy Director, Corporate Finance
Saskatchewan Financial Services Commission
(306) 787-5867
imcintosh@sfsc.gov.sk.ca 

Bob Bouchard
Director, Corporate Finance
Manitoba Securities Commission
(204) 945-2555
bbouchard@gov.mb.ca

Rosetta Gagliardi
Conseillère en réglementation
Autorité des marchés financiers
(514) 395-0558 ext. 4462
rosetta.gagliardi@lautorite.qc.ca 

Susan W. Powell
Legal Counsel
Market Regulation
New Brunswick Securities Commission
Susan.Powell@nbsc-cvmnb.ca

Bill Slattery
Deputy Director, Corporate Finance and Administration
Nova Scotia Securities Commission
(902) 424-7355
slattejw@gov.ns.ca