CALGARY, Sept. 13, 2012 /CNW/ - The Canadian Securities Administrators (CSA) today published for a second
comment period proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers (NI 51-103), which was originally published for comment July 2011.
NI 51-103 introduces a proposed new tailored regulatory regime for
venture issuers that is intended to streamline venture issuer
disclosure to reflect the needs and expectations of venture issuer
investors. The regime also aims to make the disclosure requirements
more suitable and more manageable for venture issuers at this stage of
their development. The proposals address continuous disclosure and
governance obligations as well as disclosure for prospectus offerings
and certain exempt offerings that require prescribed disclosure.
After further consideration and input from market participants, the CSA
has decided to change certain aspects of the July 2011 proposal. The
most significant change is to the interim reporting requirements.
Rather than require interim reporting at mid-year, the CSA now proposes
requiring interim reporting at the three, six and nine month periods.
These interim reports would include financial statements and a short
discussion of the venture issuer's operations and liquidity, referred
to as "quarterly highlights".
"Industry and investor feedback is an important part of ensuring that
proposed rules will be effective and reflect the needs and expectations
of regulators, market participants and investors," said Bill Rice,
Chair of the CSA and Chair and CEO of the Alberta Securities
Commission. "As regulators, we recognize the importance of the venture
market in Canada's capital markets and strive to balance promoting
efficiency within the capital markets with ensuring that investors
receive the information they need to make informed decisions."
The CSA is seeking written comments from investors and industry on
proposed NI 51-103 and related amendments. To comment, and for further
information about this proposal, please refer to the CSA Notice of
Republication and Request for Comment regarding Proposed National
Instrument 51-103 and related amendments. The notice is available on
several CSA member websites.
The comment period is open until December 12, 2012.
The CSA, the council of the securities regulators of Canada's provinces
and territories, coordinates and harmonizes regulation for the Canadian
SOURCE: Canadian Securities Administrators
For further information:
Alberta Securities Commission
Autorité des marchés financiers
British Columbia Securities Commission
Ontario Securities Commission
Manitoba Securities Commission
New Brunswick Securities Commission
Nova Scotia Securities Commission
Saskatchewan Financial Services Commission
PEI Securities Office
Financial Services Regulation Div.
Office of the Attorney General
Newfoundland and Labrador
Yukon Securities Registry
Nunavut Securities Office
Northwest Territories Securities Office