51-801 - Implementing National Instrument 51-102 Continuous Disclosure Obligations [BCI Proposed - Lapsed]
| Published Date: | 2005-05-27 |
|---|
Concurrently Published:
The Commission, having considered that to do so would not be prejudicial to the public interest, orders that, effective August [insert effective date], 2005,
1. BC Instrument 51-801 entitled Implementing National Instrument 51-102 Continuous Disclosure Obligations and made on May 19, 2005 is revoked, and
2. the attached BC Instrument 51-801 entitled Implementing National Instrument 51-102 Continuous Disclosure Obligations is made.
August [insert effective date], 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(1), 119(2), and 171
Other (specify): National Instrument 51-102 Continuous Disclosure Obligations, section 13.1
BC Instrument 51-801
Implementing National Instrument 51-102 Continuous Disclosure Obligation
Order Under Sections 91(1), 119(2) and 171 of the Securities Act and Section 13.1 of
National Instrument 51-102 Continuous Disclosure Obligations
1. Interpretation - In this Instrument:
a) “Act” means the Securities Act;
b) “investment fund” has the same meaning as in NI 51-102;
c) “NI 51-102” means National Instrument 51-102 Continuous Disclosure Obligations;
d) “reporting issuer” does not include an investment fund; and
e) “Rules” means the Securities Rules.
2. Application - This Instrument implements NI 51-102 by providing relief from
(a) the material change reporting and proxy requirements of the Act, and
(b) financial statement and quarterly report requirements of the Rules
to reporting issuers that comply with NI 51-102. This Instrument also exempts issuers from certain portions of NI 51-102 and from certain requirements in the Rules.
3. Material Change Reporting Exemption - Section 85 of the Act does not apply to a reporting issuer that complies with Part 7 of NI 51-102.
4. Proxy Requirements Exemption - Section 117 of the Act does not apply to a person soliciting proxies from securityholders of an issuer, if that person complies with Part 9 of NI 51-102.
5. Quarterly Report Filing Exemption - Section 152 of the Rules does not apply to a reporting issuer
(a) for quarterly reports relating to financial years commencing before January 1, 2004, if the reporting issuer files a Form 51-102F1 Management’s Discussion and Analysis on or before the 60th day after the end of the issuer’s first, second or third financial quarters, or the 140th day after the end of the issuer’s fourth financial quarter, as applicable, and
(b) for financial years commencing on or after January 1, 2004, if the reporting issuer complies with Part 5 of NI 51-102.
6. Exemption from Filing of Certain Documents -Part 12 of NI 51-102 does not apply in British Columbia.
7. Exemption from Business Acquisition Reports and Restricted Security Disclosure - Parts 8 and 10 of NI 51-102 do not apply to an issuer that is a reporting issuer in British Columbia unless it relies in any other jurisdiction on the exemption in section 3.2 or 4.2 of Multilateral Instrument 11-101 Principal Regulator System.