51-508 - Exemption for interim periods in non-standard financial years [BCI - Rescinded]
| Published Date: | 2005-05-25 |
|---|---|
| Effective Date: | 2005-06-01 |
| Rescinded Date: | 2006-12-29 |
Concurrently Published:
- 51-102 - Continuous Disclosure Obligations [NI - Rescinded]
- BCN 2005/27 - Adoption of National Instrument 81-106 Investment Fund Continuous Disclosure and Related Instruments [BCN - Lapsed]
British Columbia Securities Commission
BC Instrument 51-508
The Commission, having considered it not prejudicial to the public interest to do so, orders that, effective June 1, 2005,
1. the attached BC Instrument 51-508 entitled Exemption for interim periods in non-standard financial years is made, and
2. BC Instrument 51-508 dated October 22, 2004 is revoked.
May 19, 2005
Douglas M. Hyndman
Chair
________________________________________________________________
(This part is for administrative purposes only and is not part of the Order)
Authority under which Order is made:
Act and sections: Securities Act, sections 91 and 171
Other (specify): National Instrument 51-102 Continuous Disclosure Obligations,
section 13.1
BC Instrument 51-508
Exemption for interim periods in non-standard financial years
Order Under Sections 91 and 171 of the Securities Act and
Section 13.1 of National Instrument 51-102
Interpretation
1. In this instrument,
“NI 51-102” means National Instrument 51-102 Continuous Disclosure Obligations and
“standard year” means a financial year that has 365 days, or 366 days if it includes February 29.
2. Terms defined in the Securities Act, the Securities Rules or NI 51-102 have the same meaning in this instrument.
Exemption
3. The requirement in NI 51-102 that a reporting issuer file financial statements for its interim periods ending nine, six and three months before the end of its financial year, does not apply to a reporting issuer if
(a) either
(i) the issuer’s financial year is not a transition year or a standard year, or
(ii) the issuer’s financial year is a transition year, and its following financial year will not be a standard year,
(b) the issuer files interim financial statements for periods ending within 7 days of an interim period, and
(c) the issuer otherwise complies with the requirements relating to interim financial statements in NI 51-102.