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Volume 59, No. 11
159/2016
The British Columbia Gazette, Part II
June 28, 2016

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

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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