NIN 95/48 - Repeal of Interim Local Policy Statement 3-22, Local Policy Statement 3-38, Local Policy Statement 3-42, Local Policy Statement 4-1 and Local Policy Statement 4-2 [NIN - Rescinded]

Published Date:	1995-12-08
Effective Date:	1995-12-07

The Commission is revoking Interim Local Policy Statement 3-22 dated February 10, 1989 (the "Interim Policy"), Local Policy Statement 3-38 dated February 1, 1987 ("LPS 3-38"), Local Policy Statement 3-42 dated February 1, 1987 ("LPS 3-42"), Local Policy Statement 4-1 dated December 16, 1985 ("LPS 4-1") and Local Policy Statement 4-2 dated December 16, 1985 ("LPS 4-2"). The effective date of the revocation of these policies is January 1, 1996. Under separate notice (NIN#95/47), the Superintendent is adopting Local Policy Statement 3-22 dated December 7, 1995 ("LPS 3-22") effective January 1, 1996. The substantive aspects of the Interim Policy, LPS 3-38, LPS 3-42 and LPS 4-1 have been incorporated into LPS 3-22, with changes necessary to conform with legislative changes.

Interim Local Policy Statement 3-22

The Interim Policy is being revoked and replaced with LPS 3-22 which, among other things, sets out in plain English and convenient form the principal educational and experience requirements for registration in British Columbia as a dealer, underwriter or adviser and for registration as an individual acting on behalf of a dealer or adviser.

Related Registration Policies

In conjunction with the revocation of the Interim Policy, LPS 3-38 and LPS 3-42 are also being revoked and replaced with LPS 3-22, to the extent that the provisions relating to the registration of non-residents under the Securities Act, S.B.C. 1985, c. 83, and the continued fitness for registration of registered representatives, respectively, are still applicable.

Exchange Contracts

The Securities Act was amended by the Securities Amendment Act, 1990, S.B.C. 1990, c. 25, to repeal the Commodity Contract Act, R.S.B.C. 1979, c. 56, and incorporate provisions regulating the trading of exchange contracts, which are defined to include futures and options. These amendments will be brought into force on January 1, 1996 by B.C. Reg. 479/95, at which point trading in futures and options will be regulated under the Securities Act. In light of these amendments, exchange contracts have been incorporated into Part 6.1 and other sections of the Securities Act, as well as numerous sections of the Rules.

Related Exchange Contract Policies

LPS 4-1 and LPS 4-2 are also being revoked. LPS 4-1 is replaced with LPS 3-22, to the extent that the provisions relating to the registration of persons to trade in or advise on exchange contracts under the Securities Act are still applicable. LPS 4-2, which deals with certain disclosure to clients of commodity contract dealers (exchange contracts dealers), will be replaced with a specified form containing similar disclosure for clients of exchange contracts dealers. This form will be specified before January 1, 1996, the effective date of the revocation of LPS 4-2.

DATED at Vancouver, British Columbia, on December 7, 1995.

Douglas M. Hyndman
Chair

REF: LPS 3-22
LPS 3-38
LPS 3-42
LPS 4-1
LPS 4-2
NIN#95/47