On July 25, 2013, the Canadian Securities Administrators (the
'SCSA') announced that they will not pursue implementation
of proposed National Instrument 51-103 Ongoing Governance and
Disclosure Requirements for Venture Issuers ('SNI
NI 51-103 stems from a project initiated by the CSA to examine
the venture market with the goal of creating a distinct regulatory
regime 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 given the stage of their
In May 2010, the CSA published CSA Multilateral Consultation
Paper 51-403 Tailoring Venture Issuer Regulation and
conducted in-person consultations across the country exploring the
feasibility of, and support for, this endeavour. Feedback from the
consultation paper and in-person consultations was generally
Based on this feedback, the CSA published the proposed NI 51-103
and other rule amendments for two separate comment periods on July
29, 2011, and September 13, 2012, respectively. The proposals
addressed continuous disclosure and governance obligations for
venture issuers, as well as disclosure for prospectus offerings and
certain exempt offerings. Please see the Aird & Berlis LLP
Securities Law Bulletin dated October 30, 2012, for a
summary of the proposed NI 51-103.1
Although market participants supported many aspects of proposed
NI 51-103, some significant concerns were raised, including the
burden placed on venture issuers to transition to a new regime and
to prepare a mandatory annual report. After reviewing these
comments, and after further consideration, the CSA decided not to
pursue implementation of proposed NI 51-103.
The CSA has indicated that it is still considering implementing
some of the proposals within NI 51- 103 as amendments to the
existing regulatory regime. The CSA has not given any further
guidance on these proposed amendments at this time.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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