Notice

Local Policies Amended and Repealed

On November 10, 2004 the Commission approved amendments to:

·         Local Policy 12-601 Applications to the Commission.  The amendments reflect new processes for applications to be deemed to be a reporting issuer pursuant to section 92 of The Securities Act, 1988.  A new paragraph in Part 1 Introduction clarifies that if issuers comply with the conditions in CSA Staff Notice 12-307 Ceasing To Be a Reporting Issuer under the Mutual Reliance Review System for Exemptive Relief Applications, they should follow the processes in the CSA Staff Notice when applying to cease to be a reporting issuer.  We propose other minor changes to update the Local Policy. 

·         Local Policy 34-601 Procedure When Individual Registrants Become in Financial Difficulty.  The Local Policy now covers situations when an individual registrant becomes in financial difficulty including:

·         being the subject of an outstanding proposal under bankruptcy or insolvency legislation and;

·         being the subject of an outstanding garnishee, judgment or demand for payment.

The Commission also approved the repeal of the following Local Policy Statements: 

·      Local Policy 12-603 System for Expedited Review of Exemption Applications sets out a system to streamline the process of applying to the Commission for exemptive relief under specified provisions of the Act where the application is also being made in a principal jurisdiction.  LP 12-603 is no longer required with National Policy 12-201 Mutual Reliance Review System for Exemptive Relief in place.   NP 12-201 describes the operation of a equivalent, national system. 

·      Local Policy 44-601 Requirements for Use of ASE Prospectus sets out the conditions on which the Commission recognizes the Alberta Stock Exchange's Exchange Offering Prospectus pursuant to subsection 58(3) of the Act.  The Alberta Stock Exchange Prospectus policy is no longer in force, and LP 44-601 is redundant. 

·      Local Policy 45-601 Community Ventures –Section 83 Rulings sets out the conditions on which the Commission will grant a section 83 discretionary ruling for ventures in rural Saskatchewan.  Issuers no longer use it since Multilateral Instrument 45-103 Capital Raising Exemptions has been in force.

November 12, 2004

Contact:

Barbara Shourounis
Director
Securities Division
Saskatchewan Financial Services Commission
(306) 787-5842
bshourounis@sfsc.gov.sk.ca