UI Design - Private vs Public option on company information page

[mstanton1]

GIVEN I own a BC Company AND my company has changed from being publicly to privately traded at a time other than when my AR is due THEN I can update the status of my company from public to private on the company information page AND updating the status of my company updates the ability to file Transparency Register Filings in the Entity Dashboard

Company Exclusion options list version 1 If company indicates it is excluded from providing information about individuals with significant control to the Registrar, the company selects the reason they are excluded from the following options:

1. A reporting issuer (or reporting issuer equivalent) or a company that is a wholly owned subsidiary of such a corporation.
2. A public company listed on a stock exchange designated by the Income Tax Act or a company that is a wholly owned subsidiary of such a corporation.
3. An excluded insurance company.
4. An excluded trust company.
5. A company that is wholly owned by one or more Indigenous nations.
6. A government corporation.
7. A company that is a wholly owned subsidiary of a corporation recognized by an enactment.
8. A company incorporated or wholly owned by a municipality or regional district.
9. A company that operates an independent school.
10. A company that results from the conversion of a corporation incorporated under Part 6.1 of the School Act.

Company Exclusion options list version 2

1. Public Company: a. Reporting Issuer (or equivalent) b. Listed on stock exchange
2. Insurance company
3. Trust company
4. Company is wholly owned: a. By one or more Indigenous Nations b. Subsidiary of a reporting issuer (or equivalent) c. Subsidiary of a corporation listed on a stock exchange d. By a municipality e. By a regional district f. Subsidiary of corporation recognized by an enactment
5. Government corporation
6. Company that: a. Operates an independent school b. Has resulted from the conversion of a corporation incorporated under Part 6.1 of the School Act

[saragunnarsson]

@Apt766525 @mstanton1 I started looking at this and I have a couple questions..

• Will staff be reviewing or recording the reason for exemption? Does it get saved anywhere?
• Is saying you’re exempt a filing?
• What happens with the significant individuals listed in the table on the business page after declaring exemption? Can we just delete them? Do they get ceased? Do we need to keep the info for a certain amount of years?

[mstanton1]

@saragunnarsson added info for the first two. @Apt766525 can you review my first two answers and chime in on #3. If #3 isn't something we've addressed please include it in the requirements meeting tomorrow.

• Will staff be reviewing or recording the reason for exemption? Does it get saved anywhere? We will save this in the DB. While BC Registries staff are unlikely to review this Finance has noted the need to store this data, and Christa Bull with the IMB also noted value in the data
• Is saying you're exempt a filing? No. Declaring you are exempt does not constitute a filing.
• What happens with the significant individuals listed in the table on the business page after declaring exemption? Can we just delete them? Do they get ceased? Do we need to keep the info for a certain amount of years? To confirm with Finance at our requirements gathering. Two scenarios are likely. First, a company might not see the option to state they are exempt in the company information page / may not file their annual report, and when they see the Significant Individual filing they may complete it. In this case they should have never filed to begin with. Another scenario is where the company is required to file, completes filings, and then undergoes a change which makes them exempt. It will be helpful for Avinash to have the records retention schedule handy during this discussion.

[Apt766525]

@mstanton1 #3 would be good to confirm with policy. Have added it to our agenda item for tomorrow's meeting.

[saragunnarsson]

That's great, thank you @mstanton1 and @Apt766525 !