CALGARY, July 25, 2013 /CNW/ - The Canadian Securities Administrators (CSA) today announced that they will
not pursue implementation of proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers (NI 51-103).
NI 51-103 was to introduce, among other things, a new tailored
regulatory regime for venture issuers that was intended to streamline
venture issuer disclosure to reflect the needs and expectations of
venture issuer investors. The regime was also intended to make
disclosure requirements more suitable and manageable for venture
issuers at this stage of their development.
Although market participants supported many aspects of proposed NI
51-103, they raised significant concerns about the burden that
transitioning to a new regime and having a mandatory annual report
would place on venture issuers. After reviewing the comments received
and further consideration, the CSA determined not to pursue
implementation of proposed NI 51-103.
The CSA is considering implementing some of the proposals within
proposed NI 51-103 as amendments to the existing regulatory regime for
venture issuers. Any resulting proposed amendments would be published
for comment, as necessary.
CSA Notice 51-340 announcing this decision has been posted to various
CSA member websites.
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:
Ontario Securities Commission
Alberta Securities Commission
Autorité des marchés financiers
British Columbia Securities Commission
The Manitoba Securities Commission
Financial and Consumer Services Commission,
Nova Scotia Securities Commission
Financial and Consumer Affairs
Authority of Saskatchewan
The Office of the Superintendent
of Securities, P.E.I.
Office of the Yukon Superintendent
Nunavut Securities Office
Office of the Superintendent of Securities
Government of the Northwest Territories