Securities Law & Instruments

Headnote

Mutual Reliance Review System: Acceptance as a "professional organization" under NI 51-101 of professional boards for engineers in the states of California, Louisiana, Oklahoma, Colorado and Texas.

Applicable National Instrument

National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities -- section 1.1(w)iv)B).

IN THE MATTER OF

SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, NOVA SCOTIA,

NEWFOUNDLAND AND LABRADOR,

YUKON, NORTHWEST TERRITORIES,

AND NUNAVUT

AND

IN THE MATTER OF

NATIONAL INSTRUMENT 51-101

STANDARDS OF DISCLOSURE FOR OIL AND GAS ACTIVITIES (NI 51-101)

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

THE PROFESSIONAL BOARDS (THE BOARDS)

LISTED IN SCHEDULE A TO THIS MRRS DECISION DOCUMENT

 

MRRS DECISION DOCUMENT

1. WHEREAS the local securities regulatory authority or regulator (the Decision Maker) in each of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, Newfoundland and Labrador, Yukon, Northwest Territories, and Nunavut (the Jurisdictions) has received the recommendation of the Canadian Securities Administrators staff committee responsible for NI 51-101 that the Decision Maker accept each of the Boards as a "professional organization" pursuant to section 1.1(w)(iv)(B) of NI 51-101;

2. AND WHEREAS the Decision Makers agree that the Alberta Securities Commission is the principal regulator for this application;

3. AND WHEREAS, unless otherwise defined, the terms herein have the meaning set out in National Instrument 14-101 Definitions, in Québec Commission Notice 14-101 or in Appendix 1 of Companion Policy 51-101CP;

4. AND WHEREAS each of the Boards has provided copies of the following documents (the Documents):

4.1 legislation that gives the Board statutory authority or recognition and that regulates the Board, and

4.2 rules or regulations pertaining to membership, professional conduct and disciplinary powers.

5. AND WHEREAS the Documents establish that each of the Boards:

5.1 admits members primarily on the basis of their educational qualifications;

5.2 requires its members to comply with the professional standards of competence and ethics prescribed by the Board that are relevant to the estimation, evaluation, review or audit of reserves data;

5.3 has disciplinary powers, including the power to suspend or expel a member, and

5.4 has been given authority and recognition by its respective state legislation;

6. AND WHEREAS this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the Decision);

7. AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;

8. THE DECISION of the Decision Makers under the Legislation is that each of the Boards is accepted as a "professional organization" under NI 51-101 for so long as the respective Board continues to

8.1 admit members primarily on the basis of their educational qualifications;

8.2 require its members to comply with the professional standards of competence and ethics prescribed by the Board that are relevant to the estimation, evaluation, review or audit of reserves data;

8.3 have disciplinary powers, including the power to suspend or expel a member; and

8.4 be given authority and recognition by its respective state legislation.

January 6, 2004.

"Stephen P. Sibold"
"Stephen R. Murison"

 

Schedule A

PROFESSIONAL BOARDS

California Board for Professional Engineers and Land Surveyors,

Louisiana State Board of Registration for Professional Engineers and Land Surveyors,

Oklahoma State Board of Registration for Professional Engineers and Land Surveyors,

State of Colorado Board of Registration for Professional Engineers and Professional Land Surveyors, and

Texas Board of Professional Engineers