The implementation of new securities legislation in British Columbia has been delayed from mid-November to the end of the month.

The B.C. Securities Commission had been planning to bring its new principles-based regime into effect by November 15. It is now looking to Nov. 29 as the new effective date.

The BCSC also reports that the B.C. government has passed amendments to the new Securities Act that ensure that the interface sections in the rules work as intended. Those sections provide an exemption from B.C. requirements for market participants that comply with legislation in other Canadian provinces and comply with other required conditions.

The amendments also clarify the process for revoking a cease trade order for failure to file when the order has been outstanding for a period of time and make other minor amendments necessary for the Act and rules to function together as intended.

These amendments came into effect on Royal Assent and amend the unproclaimed Securities Act. The amendments will be included in the new Act when it comes into effect.