Securities Law

BCN 2006/14 - Notice of Amendments to Securities Act and Securities Regulation [BCN - Lapsed]

Published Date: 2006-07-24
Rescinded Date: 2012-05-30
Document(s):

Concurrently Published:

On July 21, 2006, some amendments to the Securities Act and Securities Regulation came into effect. The amendments:

  • repeal section 85 [Publication of material change] of the Act, replace it with a new section 85 containing a general requirement for a reporting issuer to make periodic disclosure about its business and affairs, disclosure of a material change and other prescribed disclosure, and amend cross-references to that section -  (National Instrument 51-102 Continuous disclosure obligations (NI 51-102) and National Instrument 81-106 Investment fund continuous disclosure already contain detailed material change disclosure requirements)
  • repeal section 117 [Solicitation of proxies] of the Act and remove a cross-reference to that section - (the same two national continuous disclosure rules already contain equivalent proxy solicitation requirements)
  • add new section 7.1 to the Regulation - it provides the process for the Commission to advertise the fact that it has received money under a disgorgement order made by the court
  • fix incorrect cross-references in sections 13 and 22 of the Regulation

Effective July 24, 2006, the Commission revoked and replaced BC Instrument 51-801 Implementing National Instrument 51-102 Continuous Disclosure Obligations and BC Instrument 81-801 Implementing National Instrument 81-106 Investment Fund Continuous Disclosureto  reflect the amendments noted above.

Where to find Amendments
The Act amendments are in sections 10 and 13(d) of the Securities Amendment Act, 2003 and sections 23, 47(c), and 66(a) of the Securities Amendment Act, 2006. The acts are located on the BC Legislative Assembly’s website (www.legis.gov.bc.ca/legislation/index.htm).

The text of the regulation amendments (B.C. Reg. 232/2006) is attached. 

Forms
Effective July 24, 2006, the Executive Director is rescinding the following forms: 

  • Form 51-904F Statement of executive compensation
  • Form 53-901F Material change report under section 85(1) of the Act
  • Form 54-901F Information circular

The new forms are Form 51-102 F3 Material change report, Form 51-102 F5 Information circular, and Form 51-102 F6 Statement of executive compensation, respectively.

Effective July 24, 2006, the Executive Director is specifying existing Form 51-102F5 Information circular under sections 45(2)(9)(ii)(A) and 74(2)(8)(ii)(A), in addition to NI 51-102, instead of Form 54-901F which is rescinded. 

Please refer any questions to:

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

David M. Thompson
General Counsel
British Columbia Securities Commission
604-899-6537
dthompson@bcsc.bc.ca

Brenda J. Benham
Special Counsel, Market Relations
British Columbia Securities Commission
604-899-6635
bbenham@bcsc.bc.ca

July 24, 2006

Douglas M. Hyndman                                              Brenda M. Leong
Chair                                                                           Executive Director

Ref:  B.C. Reg. 232/2006
Securities Act, ss. 85 and 117
Securities Amendment Act, 2003, ss. 10 and 13(d)
Securities Amendment Act, 2006, ss.   23, 47(c), and 66(a)
Securities Regulation, ss. 7.1, 13 and 22
BC Instrument 51-801 Implementing National Instrument 51-102 Continuous Disclosure Obligations and National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency
BC Instrument 81-801 Implementing National Instrument 81-106 Investment Fund Continuous Disclosure
Form 51-102 F3 Material change report
Form 51-102 F5 Information circular
Form 51-102 F6 Statement of executive compensation
Form 51-904F Statement of executive compensation
Form 53-901F Material change report under section 85(1) of the Act
Form 54-901F Information circular

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.