British Columbia Securities Commission publishes for comment a rule proposal increasing disclosure by issuers with significant connection to British Columbia that are quoted in the U.S. OTC markets and proposed conditions of registration for investment dealers that trade in the U.S. OTC markets.
Issuers based in British Columbia, Canada, should be aware of a recent rule proposal by the British Columbia Securities Commission (BCSC), BCN2007/33 Notice and Request for Comment Proposed British Columbia Instrument 51-509 Issuers Quoted in the U.S. Over-the-Counter Markets Proposed Conditions of Registration for Investment Dealers that Trade in the U.S. Over-the-Counter Markets [BCN]
Published October 29, 2007
View PDF of Proposed Condition of Registration Investment Dealers that Trade in the U.S. Over-the-Counter Markets
The proposed rule would give the commission [BCSC] better legal tools to:
- improve disclosure by issuers with significant connections to British Columbia that are quoted in the U.S. over-the-counter markets, and
- discourage the manufacture and sale in British Columbia of U.S. over-the-counter quoted shell companies that can be used for abusive purposes.
The BCSC is seeking public comment on the proposed rule and proposed conditions of registration by December 31, 2007.
Free Information Session - New proposals for Over-the-Counter Securities
Vancouver, BC: December 3 and December 4, 2007
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