All: Note sure if this contributes to this thread, but it may explain the reason for Merle's absence. This release is from the BC Securities Commission:|
British Columbia Securities Commission
March 13, 1997
Notice on Internet Trading and Advising
VANCOUVER, March 13 /CNW/ - The British Columbia Securities Commission has issued a notice to persons using the Internet for securities trading or advising in British Columbia. The notice reminds securities market participants that B.C. Securities Act registration and disclosure requirements apply to persons in the province who trade in or advise about securities through any medium, including the Internet. These requirements also apply to persons anywhere who offer or provide advice about securities to investors in British Columbia.
Commission Chair Doug Hyndman said electronic communications technology and the expanding scope and capabilities of the Internet have created new ways for securities market participants to disseminate information and to solicit interest about investment in securities.
``This has created opportunities for investors to become better informed,'' he said. ``But it also has created new risks
of fraudulent abusive and unfair practices in the selling of securities. Our Commission wants to foster the legitimate
use of the Internet while maintaining proper safeguards for the investing public.''
The Commission Notice (NIN#97/9) describes Securities Act requirements for registration and prospectus filing that
apply to trading in or advising about securities in British Columbia. It also notes that, where a trade or distribution
occurs in more than one jurisdiction, the participants must comply with the rules of each jurisdiction.
A communication made on the Internet may reach both intended recipients and anyone else in the world with Internet
access. Where such a communication is made by or directed at a resident of B.C. or a person located in B.C., the registration and prospectus requirements of the Securities Act will apply.
Where an Internet communication is not intended to be directed at a resident of B.C. or a person located in B.C., a disclaimer should be included at the beginning of the communication, stating either that the communication is not directed at, and any securities being offered are not available to, residents of B.C. or persons located in B.C. or, alternatively, that the communication is directed only at, and any securities being offered are available only to, persons resident and located in stated jurisdictions, which exclude B.C.
The Commission Notice also reminds issuers and other securities market participants that it is not possible to conduct a public offering in B.C. on the Internet without the involvement of a registrant.
``The issues addressed in this Notice are currently being considered by the Canadian Securities Administrators (CSA), with a view to developing a unified national approach,'' the Notice says. ``If the CSA adopts national guidelines or rules concerning these issues, this Notice will likely be replaced by those guidelines or rules.''
General inquiries or requests for copies of the Notice can be directed to the BC Securities Commission Public Information Centre: 1100-865 Hornby Street Vancouver, BC, V6Z 2H4 (604) 660-4800 (Phone) (604) 660-2688 (Fax) 1-800-373-6393 (BC only) inquiries(at)email.bcse.gov.bc.ca (email).
The B.C. Securities Commission is an independent agency of the provincial government responsible for regulating
trading in securities and exchange contracts.
For further information: BC Securities Commission Public Information Centre, Barbara Barry at (604)660-4800, or
(BC only) 1-800-373-6393.