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Securities Law

NIN 92/24 - Amendments to the Securities Act [NIN - Rescinded]

Published Date: 1992-07-31
Effective Date: 1992-07-24
A number of amendments to the Securities Act were brought into force on July 24, 1992. The Securities Amendment Act, 1992, S.B.C. 1992, c. 52 (the "Amendment Act") received royal assent on June 23, 1992. Certain sections of the Amendment Act were brought into force, effective July 24 1992, by B.C. Reg. 289/92. A copy of the Amendment Act was attached to NIN#92/15 and a copy of B.C. Reg. 289/92 is attached to this Notice. The amendments

1. clarify the delegation and exercise of powers by the British Columbia Securities Commission and the Superintendent of Brokers: see sections 1, 2, 27(a) and 28,

2. expand the Commission's and an investigator's power to compel production of classes of records and things: see sections 3 and 22(a),

3. clarify the circumstances in which trades in securities on an amalgamation or other reorganization, under a dividend reinvestment plan or on a share exchange issuer bid are exempt from the registration and prospectus requirements of the Act: see sections 4 and 8,

4. clarify that the exemption in section 32(n) for securities of a cooperative corporation is available whether a disclosure statement or prospectus is filed under the Real Estate Act: see section 5(b),

5. harmonize the wording of discretionary exempting powers, establish consistent thresholds for granting exemptions and allow the Commission and the Superintendent to specify the individual requirements of the Act or the Securities Regulation that should be waived in particular circumstances: see sections 15, 16(b) and 18,

6. correct drafting or technical errors: see sections 12, 13, 21, 22(b), 23 and 26(b),

7. clarify how the proxy requirements of the Act may be satisfied: see sections 16(a) and 17,

8. provide a right of action for a misrepresentation in, and for failure to deliver, a notice of change or notice of variation in a take over bid or issuer bid: see sections 19 and 20,

9. remove a requirement that is redundant in light of the Court of Appeal Rules: see section 27(b),

10. provide the Commission with the power to apply to the British Columbia Supreme Court to get the assistance of a court outside of British Columbia to compel a person in that jurisdiction to give evidence for use in an enforcement proceeding before the Commission; the Amendment Act also provides that a court outside of British Columbia can seek the assistance of the British Columbia Supreme Court in examining witnesses in a securities enforcement proceeding started in another jurisdiction: see section 29,

11. provide that an issuer is no longer required to send records to security holders where the records have been returned to the issuer on three separate occasions; a similar amendment is made to the Company Act: see sections 30 and 32,

12. permit substantive, and particularly timing, requirements relating to the lapse date of a prospectus and continuation of a distribution under a new prospectus to be prescribed: see section 31(b),

13. permit the establishment of fees for activities carried out by the Commission or Superintendent under policy statements or legislation other than the Act: see section 31(c),

14. repeal provisions of the Securities Amendment Act, 1990 that are no longer required: see section 33

The remaining amendments contained in the Amendment Act will require the preparation of supporting material, such as amendments to the Regulation or forms, and will not be proclaimed until that material has been completed. The Commission will issue a notice to advise of the proclamation of these amendments.
Additional Copies

Additional copies of the Amendment Act are available at a cost of $3.58 per copy (including G.S.T.) from

Crown Publications
546 Yates Street
Victoria, B.C.
V8W 1K8
tel: (604) 386-4636
fax: (604) 386-0221

DATED at Vancouver, British Columbia, on July 24, 1992.

Douglas M. Hyndman
Chairman REF: NIN#92/15