BCN 2009/16 Adoption of National Policy 11-204 Process for Registration in Multiple Jurisdictions and Amendments to Multilateral Instrument 11-102 Passport System, Companion Policy 11-102CP Passport System, National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions, National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, and the Securities Rules [BCN]

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Published: 2009-09-25

Related Documents

Document
BC Reg 228/2009
Schedule A to BCN 2009/16

Concurrently Published

Document
11-102 11-102 Passport System [MI - Rescinded]
11-102CP 11-102CP Passport System [CP - Rescinded]
11-202 11-202 Process for Prospectus Reviews in Multiple Jurisdictions [NP - Rescinded]
11-203 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions [NP - Rescinded]
11-204 11-204 Process for Registration in Multiple Jurisdictions [NP]
31-101 31-101 National Registration System [NI - Rescinded]
11-202 11-202 Process for Prospectus Reviews in Multiple Jurisdictions [NP]

Effective September 28, 2009, the Commission and other members of the Canadian Securities Administrators (CSA) are adopting

  • National Policy 11-204 Process for Registration in Multiple Jurisdictions (NP 11-204), and
  • amendments to:
    • Multilateral Instrument 11-102 Passport System (MI 11-102),
    • Companion Policy 11-102CP Passport System (CP 11-102),
    • National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions (NP 11-202), and
    • National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions (NP 11-203). 

Effective September 28, 2009, the Commission is repealing section 2 (Foreign financial statements) and most of section 3 (Preparation of financial statements) of the Securities Rules (Rules). The Commission is also amending section 3(5) of the Rules and making consequential amendments arising from the repeal of section 2 and most of section 3 of the Rules.

Also effective September 28, 2009, the Commission is rescinding BC Instrument 52-801 Implementing National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (BCI 52-801).

Substance and purpose of the new policy and amendments
The amendments to MI 11-102 implement the next phase of passport for registrants and amend phase II of passport for issuers. NP 11-204 sets out the processes for registration in multiple jurisdictions. The NP 11-202 amendments deal with issues that have arisen since the implementation of phase II of passport for issuers. The NP 11-203 amendments reflect the MI 11-102 amendments.

The amendments to the Rules repeal requirements that are covered in National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency and make consequential amendments. BCI 52-801 is no longer necessary with the amendments to the Rules.

Prior publications
On March 28, 2007, we first published for comment the passport for registrants in MI 11-102 and CP 11-102 (BCN 2007/12).

On July 18, 2008, we published for comment NP 11-204 and the amendments to MI 11-102, CP 11-102, NP 11-202 and NP 11-203 for passport for registrants and issuers. We also published the amendments to the Rules and the rescission of BCI 52-801 (BCN 2008/36).

On December 19, 2008, we published notice that we intended to make all the changes effective when we adopt National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103) (BCN 2008/53). 

On July 17, 2009, we published notice that, subject to government approval, we expected to adopt the amendments and new policy and rescind BCI 52-801 effective September 28, 2009 when NI 31-103 is adopted (BCN 2009/10).

Questions
You may refer questions to:

 

Anne Hamilton
Senior Legal Counsel
British Columbia Securities Commission
(604) 899-6716
ahamilton@bcsc.bc.ca 
September 25, 2009

 

  

Brent W. Aitken

Acting Chair

 

 

Ref:National Policy 11-204 Process for Registration in Multiple Jurisdictions
Multilateral Instrument 11-102 Passport System
Companion Policy 11-102CP Passport System
National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions
National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions
Securities Rules
, ss. 1, 2 and 3
BC Instrument 52-801 Implementing National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency
National Instrument 31-103 Registration Requirements and Exemptions
This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.

 

 

 

 

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