Notice of Approval

Notice of Approval

Notice of Commission Approval National Instrument



NOTICE OF MINISTER OF FINANCE APPROVAL
OF NATIONAL INSTRUMENT 55-102 - SYSTEM
FOR ELECTRONIC DISCLOSURE BY INSIDERS (SEDI)

AND

NOTICE OF RESCISSION OF CSA NOTICE 55-301
FILING OF INSIDER REPORTS BY FACSIMILE AND
EXEMPTION WHERE MINIMAL CONNECTION
TO JURISDICTION

On September 12, 2001 the Minister of Finance approved National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI) (the “National Instrument”) and related Forms 55-102F1, 55-102F2, 55-102F3, 55-102F4, 55-102F5 and 55-102F6 (the “Forms”).

The National Instrument comes into force on October 29, 2001, except for sections 2.1, 2.2, 2.4, 3.1 and 3.2, which come into force on November 13, 2001.

The related regulation, amending sections 161, 173 and 174 of Regulation 1015 (the “Regulation”) of the Revised Regulations of Ontario, 1990 made under the Securities Act, was filed as O. Reg. 388/01 on October 12, 2001 and are expected to be published in The Ontario Gazette on October 27, 2001. The Regulation comes into force on November 13, 2001.

Upon coming into force of the applicable provisions of the National Instrument, the Commission will:

  • Revoke existing Rule 55-501 Insider Report. The National Instrument provides that insiders filing in paper format shall use Form 55-102F6.
  • Amend existing Rule 55-502 Facsimile Filing or Delivery of Insider Reports to remove references to reports filed under sections 107 and 108 and to change the name of the Rule to Facsimile Filing or Delivery of Section 109 Reports. The National Instrument provides for facsimile filing or delivery of reports filed under sections 107 and 108.
  • Amend existing OSC Policy 7.1 and subparagraph 12(ii) of the related blanket order to provide that insiders of SEDI issuers will not be permitted to rely on the exemptive relief that permits insiders of certain Canadian reporting issuers that are subject to U.S. reporting requirement to file SEC insider reports in lieu of the Ontario form of insider report.
  • Amend OSC Policy 13-601, part C, paragraph (k), which provides for the public availability of reports filed under section 107 of the Act, to make this provision inapplicable to reports filed under section 107 in SEDI format.

Previously, materials related to the Rule were published in the Bulletin on June 16, 2000 and July 20, 2001.

The Rule, Forms, and Companion Policy 55-102CP to National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI) are published in Chapter 5 of this Bulletin, and the related regulation O. Reg. 388/01 is published in Chapter 9 of this Bulletin.

Notice of Rescission of CSA Notice 55-301

Effective November 13, 2001, CSA Notice 55-301 Filing Insider Reports by Facsimile and Exemption Where Minimal Connection by Jurisdiction is rescinded.