52-503 - Continuing Relief for Financial Statements of Certain Foreign Issuers [BCI - Rescinded]
| Published Date: | 2001-03-30 |
|---|---|
| Effective Date: | 2001-03-28 |
| Rescinded Date: | 2004-12-31 |
1. the attached BC Instrument 52-503 entitled “Continuing Relief for Financial Statements of Certain Foreign Issuers” is made; and
2. BOR#95/9 and BOR#97/6 are revoked.
DATED at Vancouver, British Columbia, on March 28, 2001.
Brent W. Aitken
Member
(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), Securities Act, section 171
Other (specify):-
BCI#52-503
BC INSTRUMENT 52-503 (Previously BOR#95/9 and BOR#97/6)
CONTINUING RELIEF FOR FINANCIAL STATEMENTS OF CERTAIN FOREIGN ISSUERS
Order Under Section 3(8) of theSecurities Rules
Exemption from Reconciliation Requirements
1. Section 2(2) does not apply to financial statements prepared in accordance with foreign GAAP:
(a) if the issuer provides an explanation and quantification of the significant differences between the foreign GAAP and Canadian GAAP in a separate schedule of financial information that accompanies the financial statements; and
(b) if the explanation and quantification relates to annual audited financial statements, an audit report accompanies the separate schedule.
2. Section 2(3) does not apply if the auditor’s report on an issuer’s financial statements is prepared in accordance with foreign GAAS and the auditor provides an explanation of the significant differences between the foreign GAAS and Canadian GAAS in a separate statement that is signed by the auditor, and the separate statement accompanies the auditor's report on the financial statements.
3. Section 2(4) does not apply if the public accountant performs the procedures necessary to issue a foreign public accountant's report on an issuer's financial statements and the public accountant provides an explanation of the significant differences between the procedures performed to issue the foreign public accountant’s report and the procedures necessary to prepare a Canadian public accountant’s report in a separate statement that is signed by the public accountant, and the separate statement accompanies the foreign public accountant’s report on the financial statements.
4. Sections 2(1) to 2(4) of the Rules do not apply to financial statements of an issuer filed under Part 12 of the Rules if the issuer has:
(a) a market value (being the market value held by non-affiliates and non-associates) of at least Cdn. $3 billion; and
(b) a public float of at least Cdn. $1 billion; and
(c) a class of securities registered under section 12 of the U.S. SecuritiesExchangeActof 1934 or is required to file reports under section 15(d) of that Act.