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and National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency [BCI - Rescinded]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: | 2006-07-24 |
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| Effective Date: | 2006-07-24 |
| Rescinded Date: | 2006-12-29 |
| Document(s): |
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Concurrently Published:
The Commission, having considered that to do so would not be prejudicial to the public interest, orders that, effective July 24, 2006,
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 August 22, 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.
July 24, 2006
Douglas M. Hyndman
Chair
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(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), 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) 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) “MI 11-101” means Multilateral Instrument 11-101 Principal Regulator System;
b) “NI 44-101” means National Instrument 44-101 Short Form Prospectus Distributions;
c) “NI 44-102” means National Instrument 44-102 Shelf Prospectus;
d) “NI 44-103” means National Instrument 44-103 Post-Receipt Pricing;
e) “NI 51-102” means National Instrument 51-102 Continuous Disclosure Obligations;
f) “NI 52-107” means National Instrument 52-107AcceptableAccounting Principles, Auditing Standards and Reporting Currency;
g) “reporting issuer” does not include an investment fund; and
h) “Rules” means the Securities Rules.
2. Application - This Instrument implements NI 51-102 by providing relief from financial statement 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.
3. 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.
4. Exemption from Filing of Certain Documents -Part 12 of NI 51-102 does not apply in British Columbia.
5. Exemption from Business Acquisition Reports and Restricted Security Disclosure - Parts 8 and 10 of NI 51-102 do not apply to an issuer unless the Commission is the issuer's principal regulator, as defined in MI 11-101, and the issuer 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.