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Volume 46, No. 22

B.C. Reg. 386/2003

The British Columbia Gazette,

Part II

November 4, 2003

B.C. Reg. 386/2003, deposited October 24, 2003, pursuant to the SECURITIES ACT [Section 183]. Order in Council 990/2003, approved and ordered October 23, 2003.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that

1 The Securities Regulation, B.C. Reg. 196/97, is amended

(

a) by repealing Parts 2 and 3, and

(

b) by amending

section 21 (4) (

b) by striking out "published in the periodical referred to in

section 7" and substituting "posted on a publicly accessible website maintained by the commission".

2 The Rule Making Procedure Regulation, B.C. Reg. 195/97, is amended as set out in the attached Schedule. — K. FALCON, Minister of State for Deregulation; C. CLARK, Presiding Member of the Executive Council.

Schedule

Section 1 of the Rule Making Procedure Regulation, B.C. Reg. 195/97, is repealed and the following substituted:

1 In this regulation:

"publish" includes posting information on a publicly accessible website maintained by the Commission;

"rule" means a rule under

section 184 of the Securities

Act .

Section 2 is repealed and the following substituted:

(1) Except as provided in

section 6 or 6.1, before making a rule the commission must

(

a) provide to the minister a written explanation of the need for and the anticipated effect of the proposed rule,

(

b) obtain the minister's written approval in principle to the proposal, and

(

c) otherwise comply with this regulation.

(2) After receiving the explanation referred to in subsection (1) (a), the minister may

(

a) approve the proposal in principle, with or without conditions, or

(

b) disapprove the proposal.

Section 3 is amended

(

a) in subsection (1) by striking out "in the Weekly

Summary",

(

b) by repealing subsection (1) (

c) and substituting the following:

(

c) a notice that public comment on the proposed rule may be provided in written form to the commission for a specified period of

(

i) at least 30 days if the commission is republishing the proposed rule under

section 4 (b), or

(ii) at least 60 days in all other cases. ,

(

c) by repealing subsection (2) and substituting the following:

(2) If the commission has not received notice of a decision under

section 2 (2) within 30 days after providing the explanation referred to in

section 2 (1) (a), the commission may publish the information referred to in subsection (1) of this section. , and

(

d) in subsection (4) by striking out "proposed rule in principle" and substituting "proposal" and by striking out "in the Weekly

Summary".

Section 6 is amended by striking out "Act" and substituting " Securities

Act ".

5 The following

section is added:

Amendments to existing rules

6.1

(1) If the commission proposes to amend a rule, the commission must,

(

a) if in its opinion the proposed amendment will change the rule in a material way, proceed under sections 2, 3 and 5, or

(

b) if in its opinion the proposed amendment will not change the rule in a material way, obtain the minister's written consent to the proposed amendment, and for that purpose must provide to the minister

(

i) the text of the proposed amendment, and

(ii) a written explanation of the need for and the anticipated effect of the proposed amendment.

(2) After receiving a proposed amendment under subsection (1) (b), the minister may

(

a) consent to the proposed amendment,

(

b) disapprove the proposed amendment, or

(

c) approve the proposed amendment in principle, with or without conditions, and direct that the commission proceed under sections 3 and 5 with respect to the proposed amendment.

(3) If the minister has not notified the commission of a decision under subsection (2) within 30 days after receipt of the records referred to in subsection (1) (b), the minister is deemed to have consented to the proposed amendment.

Section 7 is amended

(

a) in subsection (1) by striking out "section 5 or 6" and substituting "section 5, 6 or 6.1" and by repealing paragraph (a), and

(

d) in subsection (2) by striking out ", in the Weekly

Summary,".

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