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Securities Law

NIN 91/19 - New Computer System For Insider Reports [NIN - Rescinded]

Published Date: 1991-10-10
Effective Date: 1991-10-10

The British Columbia Securities Commission recently began using a new computer system to facilitate record keeping and publication in the Weekly Summary of information summarized from insider reports. It is critical for the successful operation of this new system that insiders follow the instructions on the back of the insider report in Form 36 as well as the following guidelines:

1. On each transaction line, insiders must keep a running balance in column D of their securities held.

2. On each transaction line, insiders must include in the sixth column of section C the unit price.

3. Insiders must report their holdings and changes in their holdings of securities first, by class of security and second, by type of ownership (direct or indirect). Within each class of security and type of ownership, insiders must report transactions in chronological order. In particular, insiders must report indirect ownership in chronological order regardless of who is the registered (direct) holder.

To assist insiders in the completion of Forms 36, attached to this Notice is an example of a Form 36 completed in accordance with the guidelines discussed in this Notice.

The failure of insiders to properly complete Forms 36 increases the cost of regulation. Where an insider files a Form 36 that has been improperly completed, the Superintendent of Brokers will return the form to the insider for correction and refiling.

DATED at Vancouver, British Columbia, on October 10, 1991. Wade D. Nesmith
Superintendent of Brokers