On February 15, 2019, the British Columbia Securities Commission (BCSC) published a variation order (the Variation Order) for BC Instrument 21-502, Exemption from Certain Filing Requirements for Out-of-Province Alternative Trading Systems (BCI 21-502), removing the exemption for out-of-province alternative trading systems (ATS) from reporting change filings under National Instrument 21-101 Marketplace Operation (NI 21-101).

In 2004, the BCSC published BCI 21-502 which originally exempted out-of-province ATS from reporting change filings and quarterly activity filings as required by NI 21-101. However, with changes to the securities markets, the BCSC has determined that it now required out-of-province ATS to report change filings. With the subsequent Variation Order, the BCSC has now revised BCI 21-502 to only provide relief for out-of-province ATS from quarterly activity filings under NI 21-101.

The Variation Order and the revised BCI 21-502 is available for download from the website of the BCSC.

For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.

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