NIN 95/43 - Repeal and Replacement of the Registration Transfer Regulation [NIN - Rescinded]

The Registration Transfer Regulation, B.C. Reg. 286/86 will be repealed and replaced, effective December 31, 1995, by B.C. Reg. 477/95. A copy of B.C. Reg. 477/95 and the explanatory notes are attached to this Notice. Effective January 1, 1996, the Registration Transfer Regulation will be deemed to be a Rule.

Background

Under section 159(2) of the Securities Act, the Commission may make regulations authorizing the Vancouver Stock Exchange or the Pacific District of the Investment Dealers Association of Canada to exercise any of the Superintendent's powers or duties under Part 4 of the Act. The Commission adopted the Registration Transfer Regulation in 1986.

The Commission first published proposed amendments to the Registration Transfer Regulation for comment in a Special Supplement to the Weekly Summary on October 7, 1994. The Securities Amendment Act (No. 2), 1995 rolls existing section 159(2) of the Act into new section 159.1, which gives the Commission the power to make rules. Sections 159.1 and 159.6 of the Securities Amendment Act (No. 2), 1995 will be proclaimed effective on January 1, 1996, with the effect of deeming the Registration Transfer Regulation to be a Rule.

Amendments

The amendments include:

• authorizing a designated organization to delegate its powers to a committee of the designated organization (section 2(2))
  
• requiring a dealer that has applied to one designated organization to obtain the executive directors written permission to apply to the other designated organization no matter how much time has elapsed since the date of first application (section 3(3))
  
• authorizing a designated organization to register underwriters (sections 3(1)(d) and 4(1)(a))
  
• authorizing a designated organization to reinstate or amend registration (sections 3(1) and 4(1)(c))
  
• requiring a designated organization to satisfy itself that an applicant has followed proficiency and qualification requirements set out in the designated organizations by-laws, rules or other regulatory instruments or policies, filed with the Commission and not objected to by the Commission (section 4(2) and (3)) 
  
• permitting a designated organization to keep confidential applications for registration and reasons for refusal of registration (section 9(2))

Most of these amendments were published for comment in October 1994.

DATED at Vancouver, British Columbia, on November 23, 1995.

Douglas M. Hyndman
Chair

REF: NIN#94/15
NIN#95/38
NIN#95/39

Attachment