CALGARY, Oct. 17, 2013 /CNW/ - The Canadian Securities Administrators
(CSA) today are requesting comment for proposed amendments to National
Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and related forms, which are designed to improve and clarify the
disclosure of oil and gas reporting issuers.
"Canada has developed and must maintain one of the most effective and
efficient oil and gas disclosure regimes in the world," said Bill Rice,
Chair of the CSA and Chair and Chief Executive Officer of the Alberta
Securities Commission. "These proposed amendments are an important
shift in the disclosure requirements applicable to public oil and gas
companies that will promote better disclosure of resources other than
reserves and other numerical measures of oil and gas activities."
The proposed amendments will also provide for increased flexibility for
oil and gas reporting issuers that report in a variety of different
jurisdictions worldwide, recover different oil and gas product types
and operate under different regulatory regimes. The proposed amendments
are intended to bring NI 51-101 into harmony with upcoming changes to
the Canadian Oil and Gas Evaluation Handbook.
The public comment period for the proposed amendments will end on
January 17, 2014.
The proposed amendments to NI 51-101 Standards of Disclosure for Oil and Gas Activities and related forms are available on CSA member websites.
The CSA, the council of the securities regulators of Canada's provinces
and territories, co-ordinates and harmonizes regulation for the
Canadian capital markets.
SOURCE: Canadian Securities Administrators
For further information:
Autorité des marchés financiers
Alberta Securities Commission
British Columbia Securities Commission
Ontario Securities Commission
Manitoba Securities Commission
Financial and Consumer Services Commission
Nova Scotia Securities Commission
PEI Securities Office
Office of the Attorney General
Financial Services Regulation Div.
Newfoundland and Labrador
Office of the Yukon Superintendent of
Nunavut Securities Office
Financial and Consumer Affairs
Authority of Saskatchewan