Conditions of Registration and Rule for U.S. Over-the-Counter Markets


The BC Securities Commission has published conditions of registration for investment dealers that trade in U.S. over-the-counter markets and Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets. For details about this rule, see Requirements for Issuers Quoted in U.S. OTC Markets.

The conditions of registration and rule are key parts of the plan outlined in the June 2007 notice about BCSC Response to Abusive Practices in British Columbia Involving US Over-the-Counter Markets.

Conditions of Registration

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The original conditions of registration for investment dealers that trade in U.S. over-the-counter markets came into effect on June 13, 2008. Amended conditions of registration came into effect on October 28, 2009. In 2014, they were renewed without an expiry date.

Form B filing

In the conditions of registration, the Commission asks investments dealers that trade in the U.S. over the counter markets through a BC office to complete and file Form B with the Commission within 30 days of the end of each calendar quarter. Form B records the information required under conditions 3(a), (b), and (d).

The Commission encourages investment dealers to file Form B electronically through BCSC eServices. The Commission encourages Form B submissions electronically, rather than through fax, mail or email.

Notice of Amended Interpretation Note 33-705

  • BCIN 33-705 - Notice of Amended BC Interpretation Note 33-705 Conditions of Registration for Investment Dealers with a BC Office that Trade in the U.S. Over-the-Counter Markets

Prior Publications

 

Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets, along with its associated forms and policy came into force on July 31, 2012. The OTC Reporting Issuers page explains the content of the rule and provides links to additional instruments.

Original Request for Comment on Proposed Rule and Proposed Conditions of Registration

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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, published October 29, 2007.

Additional Resources

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Canadian securities regulators strengthen over-the-counter rules
May 10, 2012

BCSC releases rule for U.S. OTC issuers
September 15, 2008

BCSC releases revisions to proposed rule for U.S. OTC issuers
May 14, 2008

BCSC releases registration requirements for dealers trading in U.S. OTC markets
May 13, 2008

BCSC seeks comment on proposals related to U.S. OTC issuers and dealers
October 30, 2007

Regulator acts against abusive B.C.-based activity on U.S. over-the-counter markets
June 25, 2007

In June 2007, BCSC Chair, Doug Hyndman, outlined the BCSC's new plan to deal with abusive junior market activities that are hurting the reputation of BC's capital market. Read Doug Hyndman's speech to the Vancouver Board of Trade about Effective Regulation for BC's Capital Market.