BCN 2009/15 - Adoption of National Instrument 31-103 Registration Requirements and Exemptions, Companion Policy 31-103CP Registration Requirements and Exemptions, BC Interpretation Note 33-706, BC Instrument 33-517 Registration and Prospectus exemption for persons registered under the Mortgage Brokers Act, and consequential amendments to national and local instruments [BCN - Lapsed]
| Published Date: | 2009-09-25 |
|---|---|
| Rescinded Date: | 2012-07-18 |
| Related Document(s): |
Concurrently Published:
- 14-101 - Definitions [NI - Rescinded]
- 22-502 - Registration by the Investment Industry Regulatory Organization of Canada [BCI]
- 24-101 - Institutional Trade Matching and Settlement [NI - Rescinded]
- 24-101CP - Institutional Trade Matching and Settlement [CP - Rescinded]
- 24-101F1 - Registered Firm Exception Report of DAP/RAP Trade Reporting and Matching [F - Rescinded]
- 24-101F2 - Clearing Agency Quarterly Operations Report of Institutional Trade Reporting and Matching [F - Rescinded]
- 24-101F3 - Matching Service Utility Notice of Operations [F - Rescinded]
- 24-101F4 - Matching Service Utility Notice of Cessation of Operations [F - Rescinded]
- 24-101F5 - Matching Service Utility Quarterly Operations Report of Institutional Trade Reporting and Matching [F - Rescinded]
- 31-102 - National Registration Database [NI - Rescinded]
- 31-102CP - National Registration Database [CP]
- 31-103 - Registration Requirements and Exemptions [NI - Lapsed] - For financial years beginning before January 1, 2011
- 31-103CP - Registration Requirements and Exemptions [CP - Rescinded] - For financial years beginning before January 1, 2011
- 31-103F1 - Calculation of Excess Working Capital [F - Lapsed] - For financial years beginning before January 1, 2011
- 31-103F2 - Submission to Jurisdiction and Appointment of Agent for Service [F - Rescinded]
- 31-103F3 - Use of Mobility Exemption [F - Rescinded]
- 31-601 - Registration Requirements [BCP - Rescinded]
- 32-503 - Registration Exemption for Approved Persons of the Mutual Funds Dealers Association of Canada [BCI]
- 33-105 - Underwriting Conflicts [NI - Rescinded]
- 33-105CP - Underwriting Conflicts [CP]
- 33-109 - Registration Information [NI - Rescinded]
- 33-109CP - Registration Information [CP - Rescinded]
- 33-109F1 - Notice of Termination of Registered Individuals and Permitted Individuals [F - Rescinded]
- 33-109F2 - Change or Surrender of Individual Categories [F - Rescinded]
- 33-109F3 - Business Locations other than Head Office [F - Rescinded]
- 33-109F4 - Registration of Individuals and Review of Permitted Individuals [F - Rescinded]
- 33-109F5 - Change of Registration Information [F - Rescinded]
- 33-109F6 - Firm Registration [F - Rescinded]
- 33-109F7 - Reinstatement of Registered Individuals and Permitted Individuals [F - Rescinded]
- 33-506 - Exemption from Cold Calling Restrictions for Registered Dealers [BCI]
- 33-512 - Exemption for Foreign Advisers from the NRD Account Requirements [BCI - Rescinded]
- 33-513 - Exemption from Capital and Bonding Requirements for MFDA Members [BCI]
- 33-514 - Exemption from capital and bonding requirements for certain portfolio managers [BCI]
- 33-515 - Exemption from capital and bonding requirements for Investment Industry Regulatory Organization of Canada members [BCI]
- 33-517 - Registration and Prospectus Exemption for Persons Registered under the Mortgage Brokers Act [BCI - Rescinded]
- 33-706 - Discrepancy in Terms, Definitions and Registration Categories between the Securities Act and National Instrument 31-103 Registration Requirements and Exemptions [BCIN]
- 33-707 - Registration and Prospectus Exemptions for Persons Registered under the Mortgage Brokers Act [BCIN - Lapsed]
- 34-202 - Registrants Acting as Corporate Directors [MP - Rescinded]
- 45-501 - Mortgages [BCI - Rescinded]
- 45-501CP - Mortgages [CP - Rescinded]
- 45-512 - Real Estate Securities [BCI - Rescinded]
- 45-514 - The Employee Investment Act [BCI]
- 81-102 - Mutual Funds [NI - Rescinded]
- 81-102CP - Mutual Funds [CP - Rescinded]
- 81-104 - Commodity Pools [NI - Rescinded]
- 81-104CP - Commodity Pools [CP - Rescinded]
- 81-105 - Mutual Fund Sales Practices [NI - Rescinded]
- 81-105CP - Mutual Fund Sales Practices [CP - Rescinded]
- 81-107 - Independent Review Committee for Investment Funds [NI - Rescinded]
Introduction
Effective September 28, 2009, the Commission, together with the other Canadian Securities Administrators, is adopting:
- National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103),
- Companion Policy 31-103CP Registration Requirements and Exemptions, and
- consequential amendments to national and multilateral instruments.
The Commission has approved BC Instrument 33-517 Registration and Prospectus exemption for persons registered under the Mortgage Brokers Act and its companion policy, BC Interpretation Note 33-706 and consequential amendments to the Securities Rules, BC Instrument 45-501 Mortgages, BC Companion Policy 45-501CP Mortgages and BC Instrument 22-502 Registration by the Investment Industry Regulatory Organization of Canada.
The Commission expects to adopt BC Instrument 33-516 Registration exemption for trades in connection with certain prospectus-exempt distributions in March 2010, just in advance of it coming into force and effect.
The Commission has amended, repealed and replaced, revoked or rescinded various other BC Instruments, policies and forms.
Advance Notice
We provided advance notice of adoption in CSA Notice Notice of National Instrument 31-103 Registration Requirements (CSA Notice - July 2009 ), and in BC Notice 2009/12 Advance Notice of National Instrument 31-103 Registration Requirements and Exemptions, Companion Policy 31-103CP Registration Requirement and Exemptions, BC Interpretation Note XX, and BC Instrument 33-5xx and its companion policy, and consequential amendments to national and local instruments (BC Notice - July 2009), both dated July 17, 2009. Please see those notices for more information.
Exemptions for trades and distributions of certain mortgages
We received feedback from the Ministry of Finance about maintaining the status quo for mortgage brokers under BC Instrument 45-501 Mortgages. As a result, we have revised our amendments to BC Instrument 45-501. That instrument and its companion policy are attached as Appendix A.
In addition, the Commission is now making BC Instrument 33-517 Registration and Prospectus exemption for persons registered under the Mortgage Brokers Act. It provides a blanket exemption from the registration and prospectus requirements for certain trades by persons registered under the Mortgage Brokers Act. This order maintains exemptions that we expect the government will repeal from the Securities Act when NI 31-103 comes into force and effect. It is attached as Appendix B.
Act amendments
We expect the government will proclaim amendments to the Securities Act related to NI 31-103 into force on September 28, 2009. The amendments require investment fund managers to register and repeal conflict of interest provisions that will be replaced by provisions in NI 31-103.
Appendix A of National Instrument 81-107 Independent Review Committee for Investment Funds (NI 81-107) refers to section 127 of the Securities Act. We expect that section of the Act will be repealed on September 28, 2008. When possible, we intend to seek amendments to remove the reference to section 127 of the Act in NI 81-107.
Effective date
The effective date for the amendments to the Securities Rules and most local instruments, forms or policies that we have amended or revoked is September 28, 2009.
In some cases, we need to keep certain provisions of the Securities Rules and BC Policy 31-601 Registration Requirements in force until the equivalent provision in the national rule becomes effective for all registrants. These provisions cover capital and bonding requirements, relationship disclosure obligations and referral arrangements. Please see CSA Staff Notice 31-311 - Proposed National Instrument 31-103 Registration Requirements and Exemptions Transition into the New Registration Regime for further details (CSA Notice - Transitions).
This chart lists those changes with effective dates other than September 28, 2009.
| Document | Section(s) | Effective Date |
| Securities Rules | s. 21, 22 and 53 | To be repealed effective March 28, 2010 |
| ss. 19, 20, 24, 25, 49, 50, 52(1), 54 | To be repealed effective September 28, 2010 | |
| BC Policy 31-601 Registration Requirements | ss. 2.1(h) and 2.3(h) | To be repealed effective March 28, 2010 |
| ss. 2.1(i), 2.3 (i), 9.4, 10.3, 13.3, 15.4, 16.3 | To be repealed effective September 28, 2010 |
September 21, 2009
Brent W. Aitken
Acting Chair
This Notice may refer to other documents. These documents can be found at the BC. Securities Commission public website at www.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.