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B.C. Reg. 159/2016, deposited June 21, 2016, under the SECURITIES ACT [section 184]. Rule of the British Columbia Securities Commission, dated June 20, 2016.
The British Columbia Securities Commission orders that, effective June 23, 2016, the attached Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions is made.
— B. LEONG, British Columbia Securities Commission.
MULTILATERAL INSTRUMENT 11-103
Failure-to-File Cease Trade Orders in Multiple Jurisdictions
Part 1 – Definitions
1 In this Instrument,
“failure-to-file cease trade order” means an order, other than a management cease trade order, in relation to a specified default that prohibits or restricts trading in, or purchasing of, securities of a reporting issuer;
“management cease trade order” means a cease trade order that prohibits or restricts trading in securities of a reporting issuer by one or more of the following:
(a) the chief executive officer of the reporting issuer or a person acting in a similar capacity;
(b) the chief financial officer of the reporting issuer or a person acting in a similar capacity;
(c) an officer or director of the reporting issuer or other person or company who had, or may have had, access directly or indirectly to a material fact or material change with respect to the reporting issuer that has not been generally disclosed;
“specified default” means a failure by a reporting issuer to comply with the requirement to file, within the time period prescribed, one or more of the following:
(a) annual financial statements;
(b) an interim financial report;
(c) an annual or interim management’s discussion and analysis or annual or interim management report of fund performance;
(d) an annual information form;
(e) a certification of filings under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.
Part 2 – Failure-To-File Cease Trade Orders
Issuance and revocation of failure-to-file cease trade order
2 If an issuer is a reporting issuer in the local jurisdiction, and a securities regulatory authority or regulator in another jurisdiction of Canada makes a failure-to-file cease trade order in respect of the issuer’s securities, a person or company must not trade in or purchase a security of the issuer in the local jurisdiction, except in accordance with the conditions that are contained in the order, if any, for so long as the failure-to-file cease trade order remains in effect.
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