Effective October 3, 2011, the British Columbia Securities
Commission adopted a new form for reports of exempt distribution,
Form 45-106F6 British Columbia Report of Exempt Distribution. An
issuer distributing securities in British Columbia under certain
prospectus exemptions is required to use the new Form 45-106F6 for
distributions occurring on or after October 3, 2011. On December 9,
2011, the Commission ordered, under BC Instrument BCI 45-533 Exemptions from Form 45-106F6
requirements, that certain issuers and underwriters are exempt from
Form 45-106F6 requirements. Certain of these exemptions allow
certain issuers and underwriters to file the old Form 45-106F1
Report of Exempt Distribution, while others relieve issuers and
underwriters from the insider information requirements in item 4 of
Exemptions in BCI 45-533 include:
non-reporting issuers, provided that the distribution is made
only to permitted clients;
foreign public issuers, subsidiaries of foreign public issuers
and subsidiaries of reporting issuers; and
non-reporting issuers (re: certain insider information,
provided they complete the table in item 4 of Form 45-106F6 for
each director, executive officer, control person and promoter of
Some of the above exemptions are also available to underwriters
distributing securities of non-reporting issuers. Issuers or
underwriters wanting to rely on any such exemptions must ensure
that they comply with the specific terms and conditions set out in
the particular exemption.
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