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Securities Law

BCN 2010/03 - Adoption of National Instrument 55-104 Insider Reporting Requirements and Exemptions and Companion Policy 55-104CP and Repeal of Related Predecessor Instruments [BCN - Lapsed]

Published Date: 2010-01-22
Rescinded Date: 2012-07-18
Related Document(s):

Concurrently Published:

Introduction
Effective April 30, 2010, securities regulators in Canada are adopting a new insider reporting regime in National Instrument 55-104 Insider Reporting Requirements and Exemptions and companion policy.  This replaces NI 55-101 Insider Reporting Exemptions and companion policy and, in BC, related BC Instrument BCI 55-506 Exemption from insider reporting requirements for certain derivative transactions.

We are also adopting consequential amendments to Multilateral Instrument 11-102 Passport Systems, National Instrument 14-101 Definitions and National Instrument 62-103 The Early Warning System and Related Takeover Bid and Insider Reporting Issues.

The attached CSA notice describes what we are adopting.

Securities Act Amendments
In 2006, Bill 20, the Securities Amendment Act, 2006, received Royal Assent.  The amendments described in sections 2, 25, 36, 47(d) and 66(a) of Bill 20 would repeal and replace the insider reporting requirements in the Securities Act. 

We will ask the government to bring these Act amendments into force effective April 30, 2010 when we implement NI 55-104.

Consequential amendments to local instruments, policies and forms
We are revoking BCI 55-506 Exemption from insider reporting requirements for certain derivative transactions.

Consequential amendments to Part 10 of the Securities Rules 
The Commission has approved consequential amendments to the Securities Rules, B.C. Reg. 194/97.  We expect them to come into force on April 30, 2010 with NI 55-104.

You will find the text of these local amendments in Appendix G to the CSA Notice. 

Questions
You may refer questions to:

Alison Dempsey
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
(604) 899-6638 or (800) 373-6393 (in B.C. and Alberta)
adempsey@bcsc.bc.ca

Noreen Bent
Senior Legal Counsel, Manager
British Columbia Securities Commission
(604) 899-6741 or (800) 373-6393 (in B.C. and Alberta)
nbent@bcsc.bc.ca


January 22, 2010

 

Brent W. Aitken
Vice Chair

 

Ref. National Instrument 55-104 Insider Reporting Requirements and Exemptions
Companion Policy 51-104CP Insider Reporting Requirements and Exemptions  
Appendix F - Consequential amendments arising from National Instrument 55-104 
Appendix G - Amending Instrument to the Securities Rules, B.C. Reg. 194/97 
National Instrument 55-101 Insider Reporting Exemptions
Companion Policy 55-101CP Insider Reporting Exemptions 
National Instrument 14-101 Definitions
National Instrument 62-103 The Early Warning System and Related Takeover Bid and Insider Reporting Issues
Multilateral Instrument 11-102 Passport System
BC Instrument 55-506 Exemption from insider reporting requirements for certain derivative transactions 
BCN 2006/22 - Amendments to Securities Act
BCN 2007/23 Advance Notice of Amendments to NI 55-101 Insider Reporting Exemptions and 55-101CP Insider 
Reporting Exemptions 
BCN 2008/52 Request for Comment Proposed National Instrument 55-104 Insider Reporting Requirements and 
Exemptions, Companion Policy 55-104CP and related consequential amendments
Securities Rules, B.C. Reg. 194/97
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.