NIN 97/22 - Revised Forms 20 and 23 [NIN - Rescinded]

Published Date:	1997-06-27
Effective Date:	1997-06-25

The Securities Rules, B.C. Reg. 479/95 took effect on January 1, 1996 and were replaced by the revised Securities Rules, R.B.C. Reg. 194/97 (the "Rules") on June 12, 1997. As part of the Revised Statutes of British Columbia, 1996, effective April 21, 1997, the Securities Act, S.B.C. 1985, c. 83 was replaced by the Securities Act, R.S.B.C. 1996, c. 418 (the "Revised Act"). As a result of the coming into force of the Rules and the Revised Act, effective July 31, 1997, the Executive Director is specifying, in accordance with section 182 of the Revised Act, the Forms attached to this Notice.

Transitional

Issuers are encouraged to use the new Forms specified in this Notice prior to July 31, 1997. However, the Executive Director will accept the current version of a Form specified in this Notice, provided that the Form is filed prior to September 30, 1997.

Form 20 - Report of Exempt Distribution

Form 20 is the Report of Exempt Distribution required to be filed by an issuer under section 139 of the Rules, on or before the 10th day after a distribution of securities by the issuer under the prospectus exemptions referred to in section 139 of the Rules, or where required by an order issued under section 76 of the Revised Act.

Form 20 has been updated to correct section references that have changed as a result of the implementation of the Rules and the Revised Act and reflects the requirement for an issuer to file a Form 20 when distributing securities under the prospectus exemption in section 128(c) of the Rules. In addition to the renumbered sections, the Form 20 has been revised to include a number of wording changes intended to introduce plain language and to make the Form more user friendly.

The Form 20 is followed by a set of instructions which should be read by all issuers before completing and filing the Form with the Commission.

Form 23 - Notice of Intention to Sell and Declaration

Form 23 is the Notice of Intention to Sell and Declaration required to be filed by a control person under section 136 of the Rules. The exemptions under sections 74(2)(1), (3), (4), (6) and (16)(ii) of the Act and under section 128(d) of the Rules may not be relied on by a control person of a reporting issuer to distribute a security, unless the control person files a Form 23 in compliance with section 136 of the Rules.

Form 23 has been updated to correct section references resulting from the implementation of the Rules. Form 23 also reflects the requirement in the Rules for advance notice by a control person using those exemptions specified in section 136 of the Rules. Section 3 of the Form is new and requires a control person to disclose whether they are a director or officer of the issuer.

Similar to the changes made to the Form 20 as described above, the Form 23 introduces plain language and is followed by a set of instructions intended to make the Form easier to complete.

Copies of New Forms

Copies of Form 20 and Form 23 may be obtained from:

Superior Reproductions
200 - 1112 West Pender Street
Vancouver, British Columbia
V6E 2S1
Telephone (604) 683-2181

DATED at Vancouver, British Columbia, on June 25, 1997.

Paul C. Bourque
Executive Director

Ref: FORM 20
FORM 23