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Securities Law

NIN 2000/45 - Advance Notice of National Instrument 44-103 and Related Documents Post-Receipt Pricing [NIN - Rescinded]

Published Date: 2000-10-13
Effective Date: 2000-10-12

National Instrument 44-103 Post-Receipt Pricing (“NI 44-103”), the companion policy (the “Policy”) and local implementing rule 44-803 (the “Implementing Rule”) establish a regulatory regime for the post-receipt pricing of offerings. Together with National Instrument 44-102 Shelf Distributions (“NI 44-102”)1,

1See NIN#2000/44 for Advance Notice of NI 44-102

these documents replace National Policy No. 44 Rules forShelf Prospectus Offerings and for Pricing Offerings After the Final Prospectus is Receipted (“NP 44”). NI 44-103 is an initiative of the Canadian Securities Administrators (“CSA”).

Implementation of NI 44-103

The Commission has not yet made NI 44-103 or the Implementing Rule as rules nor has it adopted the Policy. This Advance Notice is being published to advise that the Commission expects to make NI 44-103 and the Implementing Rule as rules before December 31, 2000, when NI 44-103 is expected to come into force as a rule in British Columbia, Alberta, Manitoba, Ontario and Nova Scotia, as a Commission regulation in Saskatchewan, and as policies in all other jurisdictions represented by the CSA. The Policy is expected to be implemented as a policy in all CSA jurisdictions by December 31, 2000.

The Commission anticipates publishing NI 44-103 and the Policy in December 2000, once it has received all necessary approvals. However, the Ontario Securities Commission (“OSC”) is publishing NI 44-103 and the Policy in the October 13, 2000 issue of the OSC Bulletin. These documents are also available on the OSC website at

Rescission of National Policy and Other Documents

Effective the date NI 44-103 and NI 44-102 come into force, NP 44 will be rescinded. BOR#91/2 will also be revoked.

Implementing Rule

The Implementing Rule provides, to issuers that comply with NI 44-103, relief from certain provisions of the Securities Act. No comments were received on the Implementing Rule during the public comment period and only minor, conforming changes have been made to it. For information purposes, the Implementing Rule is being published with this Advance Notice.


In conjunction with other CSA members, the Commission published drafts of NI 44-103, the Policy and Implementing Rule for comment on October 2, 19982.


The CSA received no comment letters on NI 44-103.

Details of specific changes made to the published drafts may be found in the OSC notice relating to NI 44-103 on the OSC website.

Substance and Purpose of NI 44-103

NI 44-103, the Policy and Implementing Rule set out procedures that permit the receipting of a final prospectus before details of pricing and certain other terms of the offering are determined. These procedures are available to all issuers except in respect of rights offerings. Pricing information is contained in a supplemented PREP prospectus that is filed and delivered to investors.

NI 44-103 continues, with enhancements, the post-receipt pricing system originally established under NP 44. The post-receipt pricing system is now available to all issuers, not only those listed on a recognized exchange.

DATED at Vancouver, British Columbia, on October 12, 2000.

Douglas M. Hyndman

REF: NI 44-102
National Policy No. 44

This NIN may refer to other documents. These documents can be found at the B.C. Securities Commission public website at in the Commission Documents database or the Historical Documents database.