Securities Law

BCN 2011/04 - Notice and Request for Comments - Proposed National Instrument 41-103, Proposed National Instrument 51-106, Proposed Amendments to National Instrument 52-109, National Instrument 45-106, National Instrument 45-102, and Proposed Consequential Amendments [BCN - Lapsed]

Published Date: 2011-04-01
Rescinded Date: 2014-01-23
Related Document(s):

Concurrently Published:

View related link to CSA Notice 11-315

The Canadian Securities Administrators (CSA) are publishing for comment proposed

  • National Instrument 41-103 Supplementary Prospectus Disclosure Requirements for Securitized Products, including Form 41-103F1 Supplementary Information Required in a Securitized Products Prospectus
  • National Instrument 51-106 Continuous Disclosure Requirements for Securitized Products, including the following proposed new forms
    • Form 51-106F1 Payment and Performance Report for Securitized Products
    • Form 51-106F2 Report of Significant Events Relating to Securitized Products
     
  • amendments to National Instrument 45-106 Prospectus and Registration Exemptions, including the following proposed new forms
    • Form 45-106F7 Information Memorandum for Short-Term Securitized Products
    • Form 45-106F8 Periodic Disclosure Report for Short-Term Securitized Products Distributed under an Exemption from the Prospectus Requirement
     

 
The attached CSA notice describes what we and other members of the CSA are proposing. The proposed new rules would 

  • require issuers of securitized products to provide significantly more disclosure about the parties involved in a securitization transaction, and the assets underlying a securitization in their prospectus and continuous disclosure filings;
  • make certain prospectus exemptions unavailable for the sale of securitized products, and limit the sale and resale of securitized products in the exempt market to “eligible securitized product investors”; and
  • require issuers distributing securitized products in the exempt market to provide initial and ongoing disclosure to investors.

Other amendments and proposed forms
We are also publishing for comment proposed

  • amendments to National Instrument 45-102 Resale of Securities
  • amendments to National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, including the following proposed new forms
    • Form 52-109FS1 Certification of Annual Filings – Securitized Product Issuer
    • Form 52-109FS1R Certification of Refiled Annual Filings – Securitized Product Issuer
    • Form 52-109FS1 AIF Certification of Annual Filings in Connection with Voluntarily Filed AIF – Securitized Product Issuer
    • Form 52-109FS2 Certification of Interim Filings – Securitized Product Issuer
    • Form 52-109FS2R Certification of Refiled Interim Filings – Securitized Product Issuer
     
  • consequential amendments to
    • National Instrument 41-101 General Prospectus Requirements
    • National Instrument 44-101 Short Form Prospectus Distributions
    • National Instrument 51-102 Continuous Disclosure Obligations
     

The CSA notice describes where you can direct your comments relating to the proposal. We will consider all comments received by July 1, 2011.

Questions
You may refer questions to:

Christina Wolf
Chief Economist
British Columbia Securities Commission
(604) 899-6860 or (800) 373-6393 (toll free in Canada)
cwolf@bcsc.bc.ca

Nazma Lee
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
(604) 899-6867 or (800) 373-6393 (toll free in Canada)
nlee@bcsc.bc.ca

Gordon Smith
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
604- 899-6656 or (800) 373-6393 (toll free in Canada)
gsmith@bcsc.bc.ca

Larissa Streu
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
604- 899-6888 or (800) 373-6393 (toll free in Canada)
lstreu@bcsc.bc.ca


April 1, 2011


Brenda M. Leong
Chair

This Notice may refer to other documents. You can find these documents on the B.C. Securities Commission public website atwww.bcsc.bc.ca in the Policies & Instruments or Historical Policies & Instruments sections of the website.