BCN 2009/15 Adoption of National Instrument 31-103 Registration Requirements and Exemptions, Companion Policy 31-103CP Registration Requirements and Exemptions, BC Interpretation Note 33-706, BC Instrument 33-517 Registration and Prospectus exemption for persons registered under the Mortgage Brokers Act, and consequential amendments to national and local instruments [BCN - Lapsed]

Sign-up for updates about BCSC Policy Publications.

Published: 2009-09-25
Rescinded / Lapsed: 2012-07-18

Related Documents

Document
BC Reg 226-2009
Bulk Revocation Order, September 25, 2009
Recission of forms, September 25, 2009

Concurrently Published

Document
31-103 31-103 Registration Requirements and Exemptions [NI - Lapsed] - For financial years beginning before January 1, 2011
31-103CP 31-103CP Registration Requirements and Exemptions [CP - Rescinded] - For financial years beginning before January 1, 2011
31-103F1 31-103F1 Calculation of Excess Working Capital [F - Lapsed] - For financial years beginning before January 1, 2011
31-103F2 31-103F2 Submission to Jurisdiction and Appointment of Agent for Service [F - Rescinded]
31-103F3 31-103F3 Use of Mobility Exemption [F - Rescinded]
31-102 31-102 National Registration Database [NI - Rescinded]
31-102CP 31-102CP National Registration Database [CP]
33-109 33-109 Registration Information [NI - Rescinded]
33-109CP 33-109CP Registration Information [CP - Rescinded]
33-109F1 33-109F1 Notice of Termination of Registered Individuals and Permitted Individuals [F - Rescinded]
33-109F2 33-109F2 Change or Surrender of Individual Categories [F - Rescinded]
33-109F3 33-109F3 Business Locations other than Head Office [F - Rescinded]
33-109F4 33-109F4 Registration of Individuals and Review of Permitted Individuals [F - Rescinded]
33-109F5 33-109F5 Change of Registration Information [F - Rescinded]
33-109F6 33-109F6 Firm Registration [F - Rescinded]
33-109F7 33-109F7 Reinstatement of Registered Individuals and Permitted Individuals [F - Rescinded]
14-101 14-101 Definitions [NI - Rescinded]
22-502 22-502 Registration by the Investment Industry Regulatory Organization of Canada [BCI]
24-101 24-101 Institutional Trade Matching and Settlement [NI - Rescinded]
24-101CP 24-101CP Institutional Trade Matching and Settlement [CP - Rescinded]
24-101F1 24-101F1 Registered Firm Exception Report of DAP/RAP Trade Reporting and Matching [F - Rescinded]
24-101F2 24-101F2 Clearing Agency Quarterly Operations Report of Institutional Trade Reporting and Matching [F - Rescinded]
24-101F3 24-101F3 Matching Service Utility Notice of Operations [F - Rescinded]
24-101F4 24-101F4 Matching Service Utility Notice of Cessation of Operations [F - Rescinded]
24-101F5 24-101F5 Matching Service Utility Quarterly Operations Report of Institutional Trade Reporting and Matching [F - Rescinded]
33-105 33-105 Underwriting Conflicts [NI - Rescinded]
33-105CP 33-105CP Underwriting Conflicts [CP]
31-601 31-601 Registration Requirements [BCP - Rescinded]
32-503 32-503 Registration Exemption for Approved Persons of the Mutual Funds Dealers Association of Canada [BCI]
33-506 33-506 Exemption from Cold Calling Restrictions for Registered Dealers [BCI]
33-512 33-512 Exemption for Foreign Advisers from the NRD Account Requirements [BCI - Rescinded]
33-513 33-513 Exemption from Capital and Bonding Requirements for MFDA Members [BCI]
33-514 33-514 Exemption from capital and bonding requirements for certain portfolio managers [BCI]
33-515 33-515 Exemption from capital and bonding requirements for Investment Industry Regulatory Organization of Canada members [BCI]
33-517 33-517 Registration and Prospectus Exemption for Persons Registered under the Mortgage Brokers Act [BCI - Rescinded]
33-706 33-706 Discrepancy in Terms, Definitions and Registration Categories between the Securities Act and National Instrument 31-103 Registration Requirements and Exemptions [BCIN]
33-707 33-707 Registration and Prospectus Exemptions for Persons Registered under the Mortgage Brokers Act [BCIN - Lapsed]
34-202 34-202 Registrants Acting as Corporate Directors [MP - Rescinded]
45-514 45-514 The Employee Investment Act [BCI]
45-512 45-512 Real Estate Securities [BCI]
45-501 45-501 Mortgages [BCI - Rescinded]
45-501CP 45-501CP Mortgages [CP - Rescinded]
81-102 81-102 Mutual Funds [NI - Rescinded]
81-102CP 81-102CP Mutual Funds [CP - Rescinded]
81-104 81-104 Commodity Pools [NI - Rescinded]
81-104CP 81-104CP Commodity Pools [CP - Rescinded]
81-105 81-105 Mutual Fund Sales Practices [NI - Rescinded]
81-105CP 81-105CP Mutual Fund Sales Practices [CP]
81-107 81-107 Independent Review Committee for Investment Funds [NI - Rescinded]

Introduction
Effective September 28, 2009, the Commission, together with the other Canadian Securities Administrators, is adopting:

  • National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103),
  • Companion Policy 31-103CP Registration Requirements and Exemptions, and 
  • consequential amendments to national and multilateral instruments.

The Commission has approved BC Instrument 33-517 Registration and Prospectus exemption for persons registered under the Mortgage Brokers Act and its companion policy, BC Interpretation Note 33-706 and consequential amendments to the Securities Rules, BC Instrument 45-501 Mortgages, BC Companion Policy 45-501CP Mortgages and BC Instrument 22-502 Registration by the Investment Industry Regulatory Organization of Canada.

The Commission expects to adopt BC Instrument 33-516 Registration exemption for trades in connection with certain prospectus-exempt distributions in March 2010, just in advance of it coming into force and effect.

The Commission has amended, repealed and replaced, revoked or rescinded various other BC Instruments, policies and forms.

Advance Notice
We provided advance notice of adoption in CSA Notice Notice of National Instrument 31-103 Registration Requirements (CSA Notice - July 2009 ), and in BC Notice 2009/12 Advance Notice of National Instrument 31-103 Registration Requirements and Exemptions, Companion Policy 31-103CP Registration Requirement and Exemptions, BC Interpretation Note XX, and BC Instrument 33-5xx and its companion policy, and consequential amendments to national and local instruments (BC Notice - July 2009), both dated July 17, 2009.  Please see those notices for more information.

Exemptions for trades and distributions of certain mortgages
We received feedback from the Ministry of Finance about maintaining the status quo for mortgage brokers under BC Instrument 45-501 Mortgages.  As a result, we have revised our amendments to BC Instrument 45-501. That instrument and its companion policy are attached as Appendix A.

In addition, the Commission is now making BC Instrument 33-517 Registration and Prospectus exemption for persons registered under the Mortgage Brokers Act. It provides a blanket exemption from the registration and prospectus requirements for certain trades by persons registered under the Mortgage Brokers Act.  This order maintains exemptions that we expect the government will repeal from the Securities Act when NI 31-103 comes into force and effect. It is attached as Appendix B.

Act amendments
We expect the government will proclaim amendments to the Securities Act related to NI 31-103 into force on September 28, 2009.  The amendments require investment fund managers to register and repeal conflict of interest provisions that will be replaced by provisions in NI 31-103.  
 
Appendix A of National Instrument 81-107 Independent Review Committee for Investment Funds (NI 81-107) refers to section 127 of the Securities Act.  We expect that section of the Act will be repealed on September 28, 2008. When possible, we intend to seek amendments to remove the reference to section 127 of the Act in NI 81-107.

Effective date
The effective date for the amendments to the Securities Rules and most local instruments, forms or policies that we have amended or revoked is September 28, 2009.

In some cases, we need to keep certain provisions of the Securities Rules and BC Policy 31-601 Registration Requirements in force until the equivalent provision in the national rule becomes effective for all registrants.  These provisions cover capital and bonding requirements, relationship disclosure obligations and referral arrangements. Please see CSA Staff Notice 31-311 - Proposed National Instrument 31-103 Registration Requirements and Exemptions Transition into the New Registration Regime for further details (CSA Notice - Transitions).

 This chart lists those changes with effective dates other than September 28, 2009.

 

Document  Section(s) Effective Date
Securities Ruless. 21, 22 and 53 To be repealed effective March 28, 2010
 ss. 19, 20, 24, 25, 49, 50, 52(1), 54 To be repealed effective September 28, 2010
BC Policy 31-601 Registration Requirementsss. 2.1(h) and 2.3(h) To be repealed effective March 28, 2010
 ss. 2.1(i), 2.3 (i), 9.4, 10.3, 13.3, 15.4, 16.3To be repealed effective September 28, 2010

 

September 21, 2009



Brent W. Aitken
Acting Chair


This Notice may refer to other documents. These documents can be found at the BC. Securities Commission public website at
 www.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.