45-703 - Offering Documents Requiring Written Underwriting Procedures and Registration as an Underwriter [BCN - Rescinded]
| Published Date: | 2001-06-01 |
|---|---|
| Effective Date: | 2001-05-31 |
| Rescinded Date: | 2005-09-14 |
Terms used in this notice
This notice uses the term special warrant to mean a security that is convertible into another security without the issuer requiring any material additional payment for the conversion. Also, this notice uses the term underlying security to mean the security into which a special warrant can be converted.
Statutory provisions specifying safeguards and registration as underwriter
Sections 45(1) and 87 of the Securities Rules authorize the Executive Director to specify offering documents for securities distributions that require:
(a) a person to register as an underwriter, and
(b) an underwriter to establish and apply written prudent business procedures or other safeguards for underwriting distributions.
Special warrants and rights offerings
The Executive Directorspecifies the following documents under sections 45(1) and 87 of the Securities Rules:
(a) an offering memorandum used for the distribution of special warrants under an exemption from section 61 of the Securities Act, the prospectus requirement, if the issuer has agreed to file a prospectus relating to the underlying security; and
(b) a rights offering circular used for the distribution of rights under the prospectus exemption in section 74(2)(7) of the Securities Act, if a dealer has agreed with the issuer to solicit security holders to exercise the rights.
May 31, 2001
Martin Eady
Acting Executive Director
Ref: Securities Act, sections 61 and 74(2)(7)
Securities Rules, sections 45(1) and 87
NIN 96/41
This NIN may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.