Securities Law

51-801 - Implementing National Instrument 51-102 Continuous Disclosure Obligations and National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency [BCI - Rescinded]

Published Date: 2005-08-26
Effective Date: 2005-09-19
Rescinded Date: 2004-07-24

Concurrently Published:

The Commission, having considered that to do so would not be prejudicial to the public interest, orders that, effective September 19, 2005,

1.   BC Instrument 51-801 entitled Implementing National Instrument 51-102 Continuous Disclosure Obligations and National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency and made on June 30, 2005 is revoked, and

2.   the attached BC Instrument 51-801 entitled Implementing National Instrument 51-102 Continuous Disclosure Obligations and National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency is made.

August 22, 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):  Securities Rules, section 3(8)
National Instrument 51-102 Continuous Disclosure Obligations, section 13.1


BC Instrument 51-801

Implementing National Instrument 51-102 Continuous Disclosure Obligations andNational Instrument 52-107Acceptable Accounting Principles, Auditing Standards and Reporting Currency

Order Under Sections 91(1), 119(2) and 171 of the Securities Act,
Section 3(8) of the Securities Rules 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)         “MI 11-101” means Multilateral Instrument 11-101 Principal Regulator System;

d)         “NI 44-101” means National Instrument 44-101 Short Form Prospectus Distributions;

e)         “NI 44-102” means National Instrument 44-102 Shelf Prospectus;

f)         “NI 44-103” means National Instrument 44-103 Post-Receipt Pricing;

g)         “NI 51-102” means National Instrument 51-102 Continuous Disclosure Obligations;

h)         “NI 52-107” means National Instrument 52-107Acceptable Accounting Principles, Auditing Standards and Reporting Currency;

i)         “reporting issuer” does not include an investment fund; and

j)         “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 Act and 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 a reporting issuer, if that person complies with Part 9 of NI 51-102.

5.         GAAP and GAAS Exemption - Subsections 3(4), 3(5) and 3(6) of the Rules do not apply to a person, other than an investment fund, that complies with NI 52-107.

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 unless it relies in any other jurisdiction on the exemption in

a)         section 3.2  of MI 11-101, or

b)         section 4.2 of MI 11-101 for a prospectus filed under NI 44-101, NI 44-102 or NI 44-103.