This entry is part 12 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuersHot off the presses. The first review of the new 51-509 revised rule by a law firm. This Securities Law Bulletin article was written by Clark Wilson LLP. According to this article it appears the newly revised rule [...]

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This entry is part 11 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuersA partial quote from the BCSC website - http://www.bcsc.bc.ca/policy.aspx?id=6544
PART 3 - RESALE OF PRIVATE PLACEMENT SECURITIES
Resale of Seed Stock
10 (1) The exemptions in securities legislation from the registration requirement or the prospectus requirement does not apply to a [...]

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This entry is part 10 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuers
Effect of the Revised Rule on the OTCBB Markets
When the revised 51-509 rule change takes place on September 15, 2008 a domino effect will begin. SEC attorneys will start rejecting any shell that has ties to Canada. [...]

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This entry is part 9 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuersA major problem will arise for OTCBB shells that have Canadian shareholders after September 15, 2008. Namely, US based SEC attorneys who decide whether an OTCBB shell is suitable for their clients in the first place.

It is [...]

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This entry is part 8 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuersIt will take at least to the end of 2008 to sort out the nuances of the changes to the revised 51-509 rule. Apparently each of the 13 provinces of Canada has their own set of unique [...]

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This entry is part 7 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuersIn my previous Blog (Part 6) I stated that the revised 51-509 Rule for US OTC Issuers only applies to shareholders who reside in British Columbia (“BC”). It does not apply to Canadians that reside in the [...]

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This entry is part 6 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuersI have spoken to several US based securities attorneys and a couple of Canadian barristers (attorneys) and I have some updated information and corrections to share with my readers.
It appears that the British Columbia Securities Commission (BCSC) only [...]

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This entry is part 5 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuersAs far as we can tell any shells coming out of Canada after September 15, 2008 that contains 100% Canadian shareholders will be 100% restricted. This brings up some pretty interesting questions.

Can a company that has 100% [...]

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This entry is part 4 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuersSo what does this revised BCSC rule 51-509 change mean to Buyers and Sellers of OTCBB shells? The short answer to that question is - PLENTY!
Buyers will now have to make sure that they do not purchase [...]

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This entry is part 3 of 12 in the series BCSC revises 51-509 Rule for U.S. OTC issuersWhat changes is the British Columbia Securities Commission (BCSC) making to the proposed 51-509 Rule?

the Canadian Trading and Quotation System Inc. (CNQ) was added to the list of exchanges that exclude issuers from the proposed instrument

changes were made [...]

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