The Canadian Securities Administrators (the "CSA")
have issued a notice and request for comment regarding proposed
changes to National Instrument 43-101 - Standards of Disclosure
for Mineral Projects (the "Instrument") and its
related forms and policies.
Some of the significant proposed changes to the Instrument
include the following:
Eliminating the requirement to obtain updated certificates and
consents from qualified persons in connection with the filing of a
disclosure document where there is no new material scientific or
technical information not included in a previously filed technical
Eliminating the current prescriptive list of recognized foreign
codes and allowing foreign issuers to use any generally accepted
foreign code that defines mineral resources and mineral reserves in
a manner consistent with the Instrument.
Eliminating the requirement for reconciliation of mineral
resources and mineral reserves categories under accepted foreign
codes to the corresponding categories under the Instrument.
Expanding the definition of "qualified person" by
replacing the current list of recognized foreign professional
associations with a set of qualitative criteria.
Exempting royalty holders from the requirement to prepare a
technical report if the relevant information has been disclosed by
the operator of the property and the operator is subject to the
Instrument or is a producing issuer listed on a specified exchange
(ASX, JSE, LSE, Nasdaq, NYSE or HKSE).
Extending the deadline to file a technical report on a newly
acquired property to six months if another issuer previously filed
a technical report on the acquired property and that report is
The CSA has requested comments generally on the proposed changes
to the Instrument and in particular with respect to the following
whether to keep, modify or eliminate the short form prospectus
trigger for a technical report currently found in the Instrument;
the usefulness of the current provisions of the Instrument that
allow an issuer to postpone personal inspections of an early stage
exploration property by a qualified person where the property is
affected by seasonal weather conditions preventing access by the
Davies will be preparing a comment letter in response to the
CSA's request prior to the July 23, 2010 deadline. If you have
questions regarding the proposed changes or would like assistance
in preparing a comment letter, please contact us.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The Supreme Court of Canada has provided guidance to financial institutions holding otherwise "highly sensitive" information to determine when that information is somewhat less sensitive, such that it can be disclosed.
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