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Gold/Mining/Energy : Daily News
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To: Kent C. who wrote ()1/16/1998 2:55:00 PM
From: Kent C.   of 746
 
B.C. Securities Commission Clarifies Regulation Of Offshore Securities Sales & Introduces A Shorter Hold Period System

VANCOUVER - The British Columbia Securities Commission has introduced a package of regulatory instruments dealing with regulation of offshore securities sales and providing a reduced hold period of four months for issuers that meet enhanced disclosure standards.

For some time, the Commission has taken the position that a sale of securities to an offshore purchaser by a B.C. issuer is subject to B.C. regulatory requirements, including a one-year hold period on private placements. Several other Canadian jurisdictions and the U.S. have allowed offshore purchasers to resell privately placed securities back into the jurisdiction after 40 days.

The Commission has confirmed its regulatory approach but has established a system that puts B.C. issuers in a more competitive position for raising capital offshore.

"We view the shortening of the hold period as a first step towards the national integrated disclosure system being explored by the Canadian Securities Administrators" said Douglas M. Hyndman, the Chair of the Commission. "It also reduces the disparity between B.C. and some other provinces in the hold periods applied to offshore private placements, while maintaining the principle that offshore purchasers should not be treated more favourably than domestic purchasers."

The new package of instruments includes:

an interpretation note that sets out clearly when B.C. regulatory requirements apply to a securities offering to an offshore purchaser;
an exemption order permitting offshore sales of non-convertible debt securities in the "Eurobond" market,subject to certain restrictions;
an order reducing the hold period on privately placed securities from one year to four months for issuers that meet certain qualifications and file a comprehensive disclosure document called an Annual Information Form; and a policy statement providing guidance on the use of the Eurobond and shorter hold period systems.

General inquiries or requests for copies of the orders, interpretation note and interim local policy statement can be directed to the BC Securities Commission Public Information Centre:

1100 - 865 Hornby Street
Vancouver, BC V6Z 2H4
Phone: 899-6500
(BC Only) 1-800- 373-6393
Fax: 899-6665
E-mail: inquiries@bcsc.bc.ca
The B.C. Securities Commission is an independent agency of the provincial government responsible for regulating trading in securities and exchange contracts.

For further information, contact Douglas M. Hyndman or Barbara Barry at 604-899-6500 or 1-800-373-6393 (BC only) or via inquiries@bcsc.bc.ca
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