Further Changes to British Columbia Disclosure Requirements for Private Placements of Securities

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New Exemptions Remove Onerous British Columbia Reporting Requirements for Most “Wrapper” Sales

On October 3, 2011, the British Columbia Securities Commission (BCSC) adopted new private placement trade reporting requirements, which applied only in the Province of British Columbia, through amendments to National Instrument 45-106 of the Canadian Securities Administrators. The BCSC also concurrently adopted some limited exemptions from those new requirements, which were set out in local BC Instrument 45-533.

The resulting changes to the B.C. trade reporting requirements were discussed in this Osler Update (see full article below for link).

On December 9, 2011, the BCSC revoked and replaced original BC Instrument 45-533, creating a new series of exemptions from the B.C. trade reporting requirements. In some cases the exemptions allow the issuer or the underwriter filing a trade report to use the same trade report form in B.C. as is used in all other provinces of Canada (Form 45-106F1, or the “National Form”), with only minor modifications. In other cases, the exemptions still require the use of the specific form adopted in British Columbia (Form 45-106F6, or the “B.C. Form”), but provide relief from some of the more onerous information requirements of the B.C. Form.

Please see full article below for more information.

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Published In: Administrative Agency Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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