Securities Law

BCN 2009/10 - Notice of National Policy 11-204 Process for Registration in Multiple Jurisdictions and Amendments to Multilateral Instrument 11-102 Passport System, Companion Policy 11-102CP Passport System, National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions, and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions [BCN - Lapsed]

Published Date: 2009-07-17
Rescinded Date: 2012-07-13
Related Document(s):

Concurrently Published:

In the attached notice, the Canadian Securities Administrators (CSA), other than the Ontario Securities Commission (OSC), (passport regulators) announce that we will implement the next phase of the passport for registrants and amend phase II of passport for issuers effective on September 28, 2009 when National Instrument 31-103 Registration Requirements (NI 31-103) is implemented.

 

All CSA members, including the OSC, will implement a new national policy setting out the processes for registration in multiple jurisdictions (NP 11-204) and amend the national policies for the filing and review of prospectuses (NP 11-202) and exemptive relief applications (NP 11-203). CSA members will also repeal National Instrument 31-101 National Registration System (NI 31-101) and its related policy and forms.

 

As part of these amendments, the Commission intends to repeal section 2 (Foreign financial statements) and most of section 3 (Preparation of financial statements) of the Securities Rules (Rules) because these requirements are covered in National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (NI 52-107). We will also repeal and replace section 3(5) of the Rules, which requires auditors to be independent and to be members of specified organizations. Schedule 1 to this Notice describes the amendments, including consequential amendments arising from the repeal of section 2 and most of section 3 of the Rules.

 

We will also rescind BC Instrument 52-801 Implementing National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (BCI 52-801). It provides an exemption from sections 3(4), 3(5) and 3(6) of the Rules if the issuer complies with NI 52-107 and will no longer be necessary with the repeal of most of section 3. 

 

Questions

You may refer questions to:

 

Anne Hamilton

Senior Legal Counsel

British Columbia Securities Commission

(604) 899-6716
ahamilton@bcsc.bc.ca

 

July 17, 2009

 

 

 

 

Brent W. Aitken

Acting Chair

 

 

Ref:

National Policy 11-204 Process for Registration in Multiple Jurisdictions
Multilateral Instrument 11-102 Passport System

Companion Policy 11-102CP Passport System

National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions

Securities Rules, ss. 2 and 3

BC Instrument 52-801 Implementing National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency

 

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.