The British Columbia Securities Commission (BCSC) has issued a formal order to update several key securities regulatory instruments in the province. This update is part of a larger national effort to ensure consistency in securities laws across Canada.

The BCSC is involved in a national initiative aimed at harmonizing securities regulations among Canadian provinces. This effort includes updating various national and multilateral instruments to ensure that British Columbia’s regulations align with those of other participating provinces.

Key Instruments and Amendments:

• • Multilateral Instrument 11-102 Passport System (B.C. Reg. 58/2008): This instrument simplifies the process for businesses to access securities markets across multiple jurisdictions. The amendment updates this system to reflect changes made in other provinces, ensuring consistency across Canada. The details of the changes are outlined in Schedule A of the order.
  • National Instrument 45-102 Resale of Securities (B.C. Reg. 107/2004): This instrument regulates how securities can be resold in the market, focusing on compliance and investor protection. The amendment adjustments are made to align with updates from other jurisdictions. The specifics of these amendments are detailed in Schedule B of the order.
  • National Instrument 45-106 Prospectus Exemptions (B.C. Reg. 227/2009): This provides exemptions from the requirement to file a prospectus for certain types of securities offerings. The amendment makes changes to keep British Columbia’s regulations consistent with those in other provinces. See Schedule C for the specific updates.
  • National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards (B.C. Reg. 382/2010): This instrument sets out the acceptable accounting principles and auditing standards for securities reporting. The amendment updates this instrument to reflect the accounting and auditing standards adopted by other provinces. Details are provided in Schedule D.

The BCSC’s order is meant to maintain regulatory consistency across Canada. Although the recent amendments in other provinces do not automatically apply to British Columbia, it is important to British Columbia that the province’s regulations be updated to mirror such changes.

Source: British Columbia (58/2008, 107/2004, 227/2009), March 2, 2023.