52-501 - Consent - Use of Foreign GAAP in Continuous Disclosure Filings by Issuers Using OSC Prospectus Rule [BCI - Rescinded]
| Published Date: | 2000-12-15 |
|---|---|
| Effective Date: | 2000-12-31 |
| Rescinded Date: | 2004-12-31 |
The British Columbia Securities Commission, having considered that to do so would not be prejudicial to the public interest, orders that the attached BC Instrument 52-501 entitled “Consent - Use of Foreign GAAP in Continuous Disclosure Filings by Issuers Using OSC Prospectus Rule” is made effective December 31, 2000.
DATED at Vancouver, British Columbia, on December 13, 2000.
Adrienne Salvail-Lopez
Commissioner
(This part for administrative purposes only and is not part of the Order)
Authority under which Order is made:
Act and sections:- Securities Rules, section 3(8)
Other (specify):-
BC INSTRUMENT 52-501
CONSENT - USE OF FOREIGN GAAP IN CONTINUOUS DISCLOSURE FILINGS BY ISSUERS USING OSC PROSPECTUS RULE
Order Under Section 3(8) of the Securities Rules
Definitions
1. In this Instrument:
“Act” means the Securities Act (British Columbia);
“OSC Prospectus Rule” means Ontario Securities Commission Rule 41-501 General Prospectus Requirements; and
“Rules” means the British Columbia Securities Rules.
Interpretation
2. Terms used in this Instrument that are defined or interpreted in the Act or the Rules have the meaning set out in the Act or the Rules.
Exemption Order
3. An issuer that is incorporated or organized in a jurisdiction other than Canada, a province of Canada, the United States of America or a political division of the United States of America is exempt from the requirement of section 2(1) of the Rules to obtain the written consent of the executive director before filing financial statements of the issuer prepared in accordance with foreign GAAP or accompanied by a foreign auditor’s report prepared in accordance with foreign GAAS if the:
(a) issuer has obtained a receipt for a prospectus containing financial statements of the issuer(i) prepared in accordance with the same foreign GAAP as those used to prepare the financial statements being filed; or
(ii) accompanied by a foreign auditor’s report prepared in accordance with the same foreign GAAS as those used to prepare the foreign auditor’s report accompanying the financial statements being filed;
(b) prospectus complies with Part 9 and section 13.2(2)7 of the OSC Prospectus Rule; and
(c) auditor of the issuer’s financial statements contained in the prospectus is the same as the auditor of the financial statements being filed.