52-51X - Transition for and Exemption from National Instrument 52-110 Audit Committees [BCI Proposed - Lapsed]
| Published Date: | 2008-01-25 |
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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 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
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, section 187
Other (specify):
BC Instrument 52-51*
Transition for and Exemption from National Instrument 52-110
Audit Committees
Order Under Section 187 of the Securities Act
Definitions
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.
Interpretation
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.
Transition
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.
Exemption
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.