The update addresses regulatory amendments for issuers quoted on U.S. over-the-counter markets, which involves equity share issuance and trading oversight, though the focus is primarily on take-over bid and early warning system procedural requirements rather than direct equity trading or settlement operations.
Mandatory inheritance: Equities as primary tag requires Investment Services as secondary; the regulatory framework governing securities issuance and trading aligns with investment services oversight, though the update is procedurally focused on disclosure and governance rather than asset management.
Specialism
The update amends regulatory instruments governing disclosure and early warning obligations for Canadian issuers on U.S. OTC markets, which constitutes a regulatory reporting and governance framework update.
The amendment clarifies regulatory obligations and governance requirements for issuers, including early warning system compliance, which falls under Governance as the parent category for regulatory framework updates.
2026-05-15 16:13:44·ataylor@vixio.com
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TITLE: British Columbia Securities Commission Amends Multilateral Instrument 51-105 for U.S. Over-the-Counter Market Issuers
BODY:
The British Columbia Securities Commission (BCSSC) has proposed amendments to Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets. The amendment updates Section 16 of the instrument to replace the reference to "National Instrument 62-104 Take-Over Bids and Issuer Bids" with "National Instrument 62-104 Take-Over Bids, Issuer Bids and the Early Warning System".
This change aligns the regulatory framework governing Canadian issuers with securities quoted on U.S. over-the-counter markets with the expanded scope of National Instrument 62-104, which now encompasses early warning system requirements. The amendment ensures consistency across multilateral instruments and clarifies the regulatory obligations applicable to issuers in this market segment. The update affects issuers quoted on U.S. over-the-counter markets that are subject to Canadian securities regulation.
The instrument comes into force on a date to be specified. In Saskatchewan, if the regulations are filed with the Registrar of Regulations after the initial effective date, they will come into force on the day of filing with the Registrar of Regulations.
REFERENCES:
Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets (Proposed Amendment)
ANNEX I Proposed Amendments to Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-The-Counter Markets 1. Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets is amended by this Instrument. 2. Section 16 is amended by replacing “National Instrument 62-104 Take-Over Bids and Issuer Bids” with “National Instrument 62-104 Take-Over Bids, Issuer Bids and the Early Warning System”. 3. (1) This Instrument comes into force on [x]. (2) In Saskatchewan, despite subsection (1), if these regulations are filed with the Registrar of Regulations after [x], these regulations come into force on the day on which they are filed with the Registrar of Regulations.