Canada: The Canadian Securities Administrators (CSA) Have Published CSA Notice Of Republication And Request For Comment Regarding Proposed National Instrument 51-103 Ongoing Governance And Disclosure Requirements For Venture Issuers
On July 29, 2011, the Canadian Securities Administrators
("CSA") published for comment a proposed rule and rule
amendments (collectively, the "Original Proposals")
proposing a new tailored regulatory regime for venture issuers.
After reviewing the comments received and further consideration,
the CSA is proposing various changes to the Original Proposals.
Consequently, on September 13, 2012, the CSA republished the
proposed rule and rule amendments for a second public comment
Consistent with the Original Proposals, the CSA is proposing the
adoption of a single new national instrument, National Instrument
51-103 – Ongoing Governance and Disclosure Requirements
for Venture Issuers ("NI 51-103″) that, for venture
issuers, will mandate most of their substantive continuous
disclosure and governance obligations.
NI 51-103 introduces a proposed new tailored regulatory regime
for venture issuers that are 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. NI 51-103 replaces the disclosure obligations
set out for venture issuers in National Instrument 51-102
– Continuous Disclosure Obligations, National Instrument
52-109 – Certification of Disclosure in Issuers'
Annual and Interim Filings, National Instrument 52-110 –
Audit Committees, National Instrument 58-101 – Disclosure
of Corporate Governance Practices and National Policy 58-201
– Corporate Governance Guidelines.
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