BCN 2008/14 - Notice of Amendments to Securities Act and Securities Regulation [BCN - Lapsed]
On March 6, 2008, the Lieutenant Governor in Council made an order-in-council to bring into force on March 17, 2008 some amendments to the Securities Act and to amend the Securities Regulation.
The amendments to the Act:
- harmonize and streamline requirements for prospectus disclosure by repealing
o requirements prescribing content in a prospectus
o prospectus amendment requirements
o prospectus certification requirements
o lapse dates for a prospectus
o certain distribution requirements
with the detailed requirements to be moved to National Instrument 41-101 General Prospectus Requirements
- update cross-references
- make consequential amendments
The amendments to the Regulation:
- exclude applications to revoke a cease-trade order in effect for less than 91 days from the requirement to pay a fee
- replace references to sections 144 and 145 of the Securities Rules (which the Commission is concurrently repealing) with direct references to the national instruments referred to in those sections
- replace references to sections 29 and 39 of the Act (which have been repealed) with references to the equivalent new sections 141.1, 141.2 and 141.3
- remove a reference to section 71 of the Act which is concurrently being repealed
Where to find Amendments
The Act amendments are in sections 18, 20, 21, 39, 47(b), 64 and 66(a) of the Securities Amendment Act, 2006. The act is located on the BC Legislative Assembly's website (http://www.leg.bc.ca/38th2nd/3rd_read/gov20-3.htm).
The text of the regulation amendments (B.C. Reg. 43/2008) is attached.
Please refer any questions to:
Senior Legal Counsel
British Columbia Securities Commission
March 10, 2008
Douglas M. Hyndman
Ref: B.C. Reg. 43/2008
Securities Act, ss. 63(3), 63(4), 66-71, 79, 80, 81, 131(1)(b), 155(1)(b), 183(12) and 184(2)(b.1)
Securities Amendment Act, 2007, ss. 18, 20, 21, 39, 47(b), 64 and 66(a)
Securities Regulation, ss. 1, 22 and 24
Securities Rules, ss. 144 and 145
This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website atwww.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.