NIN 94/22 - Permission under Section 35(1)(c) of the Securities Act [NIN - Rescinded]
Published Date: | 1994-11-04 |
---|---|
Effective Date: | 1994-11-01 |
Concurrently with this Notice, the British Columbia Securities Commission is publishing NIN#94/21 and the Memorandum of Understanding for Expedited Review of Short Form Prospectuses and Renewal AIFs (the "MOU"). The MOU sets out the procedures to be followed to obtain a preliminary and final receipt for a short form prospectus or acceptance of a renewal annual information form on an expedited basis ("Expedited Review") and is effective November 15, 1994. Capitalized terms not defined in this Notice have the same meaning as in the MOU.
Section 35(1)(c) of the Securities Act, S.B.C. 1985, c.83 ("the Act") prohibits any representation, written or oral, that a security will be listed or posted for trading on a stock exchange or that application has been made or will be made to list or post for trading the security on any stock exchange, except with the written permission of the Superintendent.
In order to facilitate the use of Expedited Review in British Columbia, the Superintendent hereby gives permission under section 35(1)(c) of the Act to make oral or written representations as to the listing and posting for trading or quotation, or an application to list and post for trading or quote, the securities being offered (or the securities underlying the securities being offered) on one or more stock exchanges or automated quotation systems, provided
(a) the representations are made with respect to securities for which at least a preliminary short form prospectus has been filed with the Superintendent under the POP System in accordance with the Expedited Review procedures set out in the MOU;
(b) an application to list and post for trading, or to quote, the securities has been made to the relevant stock exchange or automated quotation system;
(c) disclosure is made that the listing and posting for trading, or quotation, of the securities is subject to fulfilling the requirements of the relevant stock exchange or automated quotation system or these requirements have been satisfied; and
(d) where the stock exchange or automated quotation system prescribes that the disclosure required in (c) be made in a specified form or in specific language, the disclosure is made in the specified form or specific language.
An issuer is expected to file with the Superintendent written confirmation from the relevant stock exchange or automated quotation system of the application to list and post for trading or to quote or, with respect to an application to list and post for trading or quote on a stock exchange or automated quotation system located outside Canada, evidence satisfactory to the Designated Jurisdiction that confirmation or consent to refer to the making of an application is not normally provided by that stock exchange or automated quotation system,
(a) if British Columbia is the issuer's Designated Jurisdiction
(ii) prior to the issuance of the final expedited review receipt document, where any representation is made in, or in connection with, the issuer's short form prospectus, or
(b) if British Columbia is not the issuer's Designated Jurisdiction, together with the Final Filing Materials in accordance with the Issuer's Undertaking under the MOU.
This permission is effective November 15, 1994.
DATED at Vancouver, British Columbia, on November 1, 1994.
Dean E. Holley
Superintendent of Brokers