52-51X - Transition for and Exemption from National Instrument 52-110 Audit Committees [BCI Proposed - Lapsed]
- BCN 2008/06 - Notice of Adoption of Multilateral Instrument 11-102 Passport System and related companion policy, and related consequential amendments, including adoption of National Instrument 52-110 Audit Committees, related forms and companion policy, and repeal of British Columbia Instrument 52-509 Audit Committees, and Sections 144 and 145 of the Securities Rules, Adoption of National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions, and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, and Recission of National Policy 12-201 Mutual Reliance Review System for Exemptive Relief Applications, and National Policy 43-201 Mutual Reliance Review System for Prospectuses [BCN - Lapsed]
The Commission, having considered that to do so would not be prejudicial to the public interest, orders that, effective March 17, 2008, the attached BC Instrument 52-51* Transition for and exemption from National Instrument 52-110 Audit Committees is made.
March 1*, 2008
Douglas M. Hyndman
(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, section 187
BC Instrument 52-51*
Transition for and Exemption from National Instrument 52-110
Order Under Section 187 of the Securities Act
1. In this Instrument:
(a) "BCI 52-509" means BC Instrument 52-509 Audit Committees;
(b) "NI 52-110" means National Instrument 52-110 Audit Committees; and
(c) "regulator" means the regulator or securities regulatory authority in Alberta, Saskatchewan, Manitoba, Ontario, Québec, Nova Scotia or New Brunswick.
2. Terms defined in the Act, the Securities Rules, NI 52-110, and National Instrument 14-101 Definitions have the same meanings in this Instrument.
3. Despite section 9.1 (2) of NI 52-110, if an issuer is a reporting issuer in British Columbia and not in any other jurisdiction, NI 52-110 applies to the issuer on the earlier of:
(a) the issuer's first annual meeting on or after March 17, 2008, and
(b) March 17, 2009.
4. A reporting issuer is exempt from a provision in NI 52-110 if:
(a) a regulator exempted the reporting issuer from the provision before March 17, 2008,
(b) the exemption still applies to the reporting issuer, and
(c) the reporting issuer complies with any terms, conditions, restrictions or requirements imposed by the regulator as if they were imposed in British Columbia.