45-703 - Offering documents requiring written underwriting procedures and registration as an underwriter [BCN- Rescinded]
| Published Date: | 2005-09-12 |
|---|---|
| Effective Date: | 2005-09-14 |
| Rescinded Date: | 2009-09-28 |
Concurrently Published:
Offering documents requiring written underwriting procedures and registration as an underwriter
This BC Notice contains part of the content of former NIN 96/41, titled “Specification of Offering Documents Requiring Written Underwriting Procedures and Registration as an Underwriter”, corrected for cross-references and current practice. This Notice replaces NIN 96/41 and is effective May 30, 2001.
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 Director specifies 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 or section 2.1(2) of National Instrument 45-106 Prospectus and Registration Exemptions if a dealer has agreed with the issuer to solicit security holders to exercise the rights.
September 9, 2005
Brenda M. Leong
Executive Director
Ref: Securities Act, sections 61 and 74(2)(7)
Securities Rules, sections 45(1) and 87
National Instrument 45-106 Prospectus and Registration Exemptions
NIN 96/41
This Notice 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 section Securities Law & Policy: Policies & Instruments.