Securities Law

BCN 2006/09 - BC Instrument 47-501 Exemption for solicitations of expressions of interest [BCN - Lapsed]

Published Date: 2006-05-17
Rescinded Date: 2012-05-30
Document(s):

Concurrently Published:

On April 21, 2006, the Canadian Securities Administrators (CSA) published CSA Staff Notice 47-302 Pre-marketing of underwriters’ options on bought deals. That staff notice says that the exemption in Part 7 of National Instrument 44-101 Short Form Prospectus Distributions does not extend to the pre-marketing of securities underlying post-closing over-allotment options, also known as greenshoe options. Staff indicated they were willing to consider recommending relief to permit pre-marketing of securities underlying a greenshoe option on a case-by-case basis.

The Commission has decided to issue BC Instrument 47-501 Exemption for solicitations of expressions of interest granting blanket relief from the prospectus requirement for pre-marketing of securities underlying a greenshoe option.

The Commission understands that some other securities commissions will also be issuing blanket orders. Others, like the Ontario Securities Commission, will grant relief on a case-by-case basis.

Questions

Your may refer questions to:

Andrew S. Richardson, CA
Deputy Director, Corporate Finance
British Columbia Securities Commission
604-899-6730
1-800-373-6393 (in BC and Alberta)
arichardson@bcsc.bc.ca

Rosann Youck
Senior Legal Counsel
Legal Services, Corporate Finance
British Columbia Securities Commission
604-899-6656
1-800-373-6393 (in BC and Alberta)
ryouck@bcsc.bc.ca 

May 17, 2006

Douglas M. Hyndman
Chair 

Ref:     BC Instrument 47-501 Exemption for solicitations of expressions of interest
CSA Staff Notice 47-302 Pre-marketing of underwriters’ options on bought deals
 
National Instrument 44-101 Short Form Prospectus Distributions

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.