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.

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.

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