NIN 95/42 - Repeal and Replacement of the Regulation [NIN - Rescinded]
| Published Date: | 1995-11-24 |
|---|---|
| Effective Date: | 1996-01-01 |
The existing Regulation, B.C. Reg. 270/86 will be repealed by B.C. Reg. 479/95 and replaced by B.C. Reg. 478/95, effective January 1, 1996. Copies of B.C. Reg. 478/95 and B.C. Reg. 479/95 and the explanatory notes are attached to this Notice.
Background
The Commission first published proposed amendments to the Regulation for comment in the Weekly Summary on October 7, 1994. Only those comments that relate to the provisions of the Regulation that will remain in the Regulation will be discussed here. Refer to NIN#95/41 for a discussion of how the Commission has dealt with comments on provisions that now appear in the Rules.
The Regulation and Rules implement significant changes related to the coming into force of one section of the Securities Amendment Act, 1989, large portions of the Securities Amendment Act, 1990, a few remaining sections of the Securities Amendment Act, 1992 and virtually all of the Securities Amendment Act (No. 2), 1995. As a result of the rule-making provisions in the Securities Amendment Act (No. 2), 1995, the majority of the substantive provisions will be moved from the Regulation to the Rules. See NIN#95/41 for a discussion of the Rules.
The amendments to the Regulation include:
- permitting the Commission to publish insider trading reports and section 93 reports in electronic form (section 7)
- requiring a form of demand for production of records and things to be prepared in the required form (section 10)
- specifying contravention of section 24 of the Rules (dealers holding client funds when prohibited from so doing) as an offence (section 13)
- new fee for registration as an underwriter where also registered as a dealer, new fees for compliance reviews of securities regulatory organizations and registrants, and new provisions establishing fee payment arrangements in the Regulation for offerings under National Policy Statement No. 44 (section 22)
Specification of Required Forms
The Superintendent will specify Form 1A, the required form of demand for production of records and things contemplated by section 10 of the Regulation, in NIN#95/44.
DATED at Vancouver, British Columbia, on November 22, 1995.
Douglas M. Hyndman
Chair
REF: NIN#89/28
NIN#94/13
NIN#94/15
NIN#95/38
NIN#95/39
NIN#95/41
NIN#95/44
NIN#95/45