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Securities Law

NIN 95/57 - Local Policy Statement 3-44 Recognition of Self Regulatory Body, Exchanges and Jurisdictions [NIN - Rescinded]

Published Date: 1995-12-22
Effective Date: 1995-12-21

The Commission is rescinding Local Policy Statement 3-44 dated August 1, 1991 (the "Former Policy") and is adopting revised Local Policy Statement 3-44 dated December 21, 1995 (the "Policy"), effective January 1, 1996. The Policy provides for the recognition of a self regulatory body, exchanges and jurisdictions for the purpose of certain sections of the Securities Act and the Securities Rules.

Effective January 1, 1996, a substantial number of amendments to the Act will come into force. The Securities Regulation, B.C. Reg 270/86 (the "Old Regulation") will be repealed and replaced by the Securities Regulation, B.C. Reg. 478/95, with respect to a limited number of matters, including fees, and by the Securities Rules, with respect to all other matters governing the regulation of securities and exchange contracts.

The Policy includes several changes to the Former Policy, most necessitated by the changes to the Securities Act and Securities Regulation:

  • A new part has been added to recognize a self regulatory body. The Commission has recognized the Pacific District of the Investment Dealers Association of Canada (the "IDA-Pacific") as a self regulatory body, pursuant to section 11(1) of the Act. The IDA-Pacific is currently recognized for the purposes of section 11(1) by way of letter. 
  • Recognition for the purposes of certain sections of the Securities Act and Securities Regulation have been deleted as those sections have been deleted (e.g. section 58(1)(c) of the Securities Act) or recognition is no longer required as the Securities Rules directly refer to the self regulatory body or exchange (e.g. sections 13(2)(a), 74 and 143(2) of the Old Regulation). 
  • The Commission has recognized certain exchanges for the purpose of certain new sections of the Securities Rules that require recognition of exchanges (e.g. sections 7, 89(d) (ii) and with respect to Part 8 and the definition of "recognized resale requirements", 127 of the Securities Rules).

Under the Policy, the Commission continues to recognize those exchanges and jurisdictions currently recognized under certain sections of the Securities Act (e.g. sections 80(1)(a) and (e)(iii) and 81(e) and (h)(iii) of the Securities Act). At this time, the Commission is not recognizing any exchange for the purpose of sections 31(2)(23) and 55(2)(20) of the Securities Act.

DATED at Vancouver, British Columbia, on December 21, 1995.

Douglas M. Hyndman

Ref: LPS#3-44