BCN 2010/22 Adoption of National Instrument 23-102 Use of Client Brokerage Commissions and of consequential amendments to National Instrument 41-101 General Prospectus Requirements and 81-101 Mutual Fund Prospectus Disclosure

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Published: 2010-06-28

Related Documents

Document
BC Reg 177/2010
BC Reg 178/2010

Concurrently Published

Document
23-102 23-102 Use of Client Brokerage Commissions [NI - Rescinded]
23-102CP 23-102CP Use of Client Brokerage Commissions [CP]
41-101F2 41-101F2 Information Required in an Investment Fund Prospectus [F - Rescinded]
41-101F2 41-101F2 Information Required in an Investment Fund Prospectus [F Amendment - Lapsed]
81-101F2 81-101F2 Contents of Annual Information Form [F - Rescinded]
81-101F2 81-101F2 Contents of Annual Information Form [F Amendment - Lapsed]

Substance and purpose of the Instruments
Effective June 30, 2010, the Commission, together with other Canadian Securities Administrators, is adopting National Instrument 23-102 Use of Client Brokerage Commissions (the rule) and its companion policy.

We are also adopting consequential amendments to:

  • National Instrument 41-101 General Prospectus Requirements in Form 41-101F2 Information Required in an Investment Fund Prospectus
  • National Instrument 81-101 Mutual Fund Prospectus Disclosure in Form 81-101F2 Contents of an Annual Information Form

The rule sets requirements for dealer and adviser conduct when an adviser obtains goods and services, other than order execution, in connection with brokerage transactions involving client brokerage commissions. The consequential amendments ensure consistency between the rule’s disclosure requirements and similar disclosure in investment fund forms.

Prior publications
We published for comment previous versions of the rule on January 11, 2008 (BCN 2008/01), and on July 21, 2006 (BCN 2006/12). We published for comment a previous version of the consequential amendments on October 9, 2009 (BCN 2009/25). 

Advance notice
We provided advance notice of the rule on October 6, 2009 (BCN 2009/24). We provided advance notice of the consequential amendments on April 9, 2010 (BCN 2010/15).
 
Questions
You may refer questions to:

Meg Tassie
Senior Advisor
Capital Markets Regulation
British Columbia Securities Commission
(604) 899-6819
(800) 373-6393 (toll free across Canada)
mtassie@bcsc.bc.ca

June 23, 2010

Brenda M. Leong
Chair

 

Ref:National Instrument 23-102 Use of Client Brokerage Commissions
Companion Policy 23-102CP Use of Client Brokerage Commissions
National Instrument 41-101 General Prospectus Requirements
Form 41-101F2 Information Required in an Investment Fund Prospectus
National Instrument 81-101 Mutual Fund Prospectus Disclosure
Form 81-101F2 Contents of an Annual Information Form
BCN 2006/21 Request for Comment on Proposed National Instrument 23-102 Use of Client Brokerage Commissions and Payment for Order Execution Services or Research (“Soft Dollar” Arrangements)
BCN 2008/01 Request for Comment Proposed National Instrument 23-102 Use of Client Brokerage Commissions as Payment for Order Execution Services or Research Services and Companion Policy 23-102CP
BCN 2009/24 Advance Notice of National Instrument 23-102 Use of Client Brokerage Commissions
BCN 2009/25 Request for Comment on Proposed Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure and Form 81-101F2 Contents of Annual Information Form and to National Instrument 41-101 General Prospectus Requirements and Form 41-101F2 Information Required in an Investment Fund Prospectus
BCN 2010/15 Advance Notice of Proposed Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure and Form 81-101F2 Contents of Annual Information Form and to National Instrument 41-101 General Prospectus Requirements and Form 41-101F2 Information Required in an Investment Fund Prospectus


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