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Securities Law

NIN 94/25 - Amendments to Securities Act [NIN - Rescinded]

Published Date: 1994-11-23
Effective Date: 1994-11-23

A number of amendments to the Securities Act (the "Act") and consequential amendments to the Securities Regulation (the "Regulation") were brought into force on November 17, 1994.

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 the B.C. Reg. 289/92 was attached to NIN#92/24.

Additional sections of the Amendment Act were brought into force, effective November 17, 1994, by B.C. Reg. 418/94. An extract of the relevant sections of the Amendment Act is attached to this Notice. Consequential amendments to the Regulation were also brought into force, effective November 17, 1994 by B.C. Reg. 417/94. Copies of B.C. Reg. 417/94 and B.C. Reg 418/94 are attached to this Notice.

The amendments:

1. require that a specified form of information statement be delivered to purchasers and filed with the Commission no later than 10 days after a trade under section 32(g) of the Act;

2. harmonize the wording of the discretionary exempting powers in section 33 and 59 of the Act, establish consistent thresholds for granting exemptions and allow the Commission and the Superintendent greater flexibility to specify the individual requirements of the Act or Regulation that should be waived in particular circumstances;

3. narrow the wording of the certificate issued under section 60 of the Act to refer to not being in default of filing financial statements and fees; and

4. improve administrative efficiency under section 146 of the Act when issuing cease trade orders for failure to file records completed in accordance with the Act or Regulation.

In NIN#94/26 published concurrently with this Notice, the Superintendent is specifying, under section 158 of the Act, Form 58 as the form of information statement for the purpose of section 32(g) of the Act. In addition, sections 78.1 and 119.1 have been added to the Regulation as authority for the disclosure required in item 8 of Form 58 and to require a security holder to provide to a subsequent purchaser any disclosure that the issuer provided to the security holder under the information statement within the past two years.

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

DATED at Vancouver, British Columbia, on November 23, 1994.

Douglas M. Hyndman


References: NIN#92/15

see hard copy for attachments