Security Act Notices (New Transaction in PPR with Amendment, Renewal and Discharge)

[mstanton1]

Figma File - Registration Figma File - Amendments Figma File - Discharge

Summary of requirements: Per action 1, a DRAFT summary of requirements follows. (Note: When we met 12 Dec I fully expected to document our agreed actions and the following summary before breaking for the holidays. Given the unintended delay, please review with extra care. There is increased likelihood that I have misreported what we agreed.)

1. Subject to final decisions in legislative drafting, the new Securities Act (SA) notice(s) will be defined as a “claim” in the Miscellaneous Registration Regulation (MRR), e.g. s. 1(1)). See the MRR s. 1(1) definition of “proceeds of crime notice” for an example of how a claim as defined in MRR may pertain to more than one type of interest as defined in the statute. We expect that the new SA notices will be described as a single claim in the MRR, but we will not know with certainty until MRR changes are drafted.

2. The minimum PPR registration capability to support the new SA notice is a new PPR registration type that is functionally equivalent to the “Lien for Unpaid Wages” (registration type “WL”). This includes the following registration type features which are available as existing configurable features for registrations under the MRR: a. The registration type will have a name identifying it, including distinguishing it from other interests. For example, “Securities Act notice”. b. Access to register, amend or discharge a registration of this type will be restricted to a short-list of authorized users managed by BCROS staff. c. At least one secured party code will be created to aid in definition of the secured party as being the securities commissioner or another person appointed to act on behalf of the securities commissioner d. The collateral must include a General Collateral Description. The collateral may include one or more serial numbered (aka “vehicle”) collateral items.

3. The following are desired optional, additional features (requirements) for the new SA notice, in order of priority/importance: a. Type(s) of Interest: A required, dedicated data field enabling differentiation of the type or types of interest that is(are) being registered. [Without this feature, the type of interest might be entered into the General Collateral Description, Detailed Description, or another text value, if available.] One or more of: i. Notice of lien ii. Notice of preservation order iii. SA notice of proceedings b. Effective Date: An optional, dedicated DATE field specifying the date that a Notice of lien is effective, which may be different from the registration date. c. Court Order: Optional entry of Court Order data fields (Court, [Court] Registry, Court File Number, Date of the Order, Effect of the Order) in an original (base) registration (as opposed to Court Order data fields only being available via amendment). d. Detailed Description: Optional entry of Detailed Description text in an original (base) registration (as opposed to the Detailed Description field only being available via amendment).

Note: The optional entry of Court Order and Detailed Description fields in an original (base) registration may be desirable improvements for other registration types as well, in particular: • A number of other MRA crown charges and claims originate from court orders. Registration of the court order information may be beneficial to searchers. • All PPR registrations might benefit from the Detailed Description field being available with the original (base) registration. It provides an alternative to the General Collateral text field for entry of other information related to the registration.

@mstanton to update Reg/Leg ticket 1686 when sizing is complete.

Update master requirements spreadsheet when requirements complete: https://docs.google.com/spreadsheets/d/18eTumnf5H6TG2qWXwXJ_iAA-Gc7iNMpnm0ly7ctceTI/edit#gid=0

[mstanton1]

Items from minimum requirements have been groomed. Two questions have been sent to Kevin to confirm requirements.

2b) below notes “Access to register, amend or discharge a registration of this type will be restricted to a short-list of authorized users managed by BCROS staff.” Is this to note that renewal is not available? Is the Securities Act notice an infinite registration?

2c) below notes “At least one secured party code will be created to aid in definition of the secured party as being the securities commissioner or another person appointed to act on behalf of the securities commissioner.” Is the intent to simply create a code which can be used, or to create a code which is the only code authorized to act as a secured party for these Securities Act notices?

[mstanton1]

Question posed on 2 B. Will the group who are authorized be the same as the crown charge user group or is there another distinct group of users / user access we must maintain.

[mstanton1]

Updated estimate to 3 sprints based upon further discussions in grooming today.

[Maribeth-Wilson]

@LANHALL2 @fareenr @Maribeth-Wilson