The British Columbia Securities Commission (BCSC) has published updates to National Instrument, N1 41-101, Prospectus Requirements (NI 41-101). These non-material amendments, which deal with Exchange Traded Funds (ETFs), became effective, December 10, 2018.
The Amendments to NI 41-101:
- add a BC carve-out to the meaning of a dealer acting as agent of the purchaser in section 6 of NI 41- 101, which achieves the objective of introducing a summary disclosure document regime for exchange traded funds under which all dealers who receive an order to buy an ETF must deliver an ETF Facts document to the purchaser. (It should be noted that both Ontario and Québec have this same carve-out); and,
- specify that the purchaser’s right of action if an ETF Facts document is not delivered or sent is found in section 135 of the Securities Act (British Columbia).
The Notice of Amendments to NI 41-401, Prospectus Requirements is available for download from the website of BCSC.
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
