BCN 2011/21 Notice and Request for Comment Proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers and Proposed Amendments to National Instrument 41-101 General Prospectus Requirements... [BCN - Lapsed]
July 29, 2011
September 13, 2012
View PDF of CSA Notice and Appendix A
In the attached notice, the Canadian Securities Administrators (CSA) are publishing for comment a proposed new regulatory regime for venture issuers (the venture issuer proposal), composed of:
- National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers and its companion policy (NI 51-103)
- amendments to National Instrument 41-101 General Prospectus Requirements and its companion policy
- amendments to National Instrument 44-101 Short Form Prospectus Distributions and its companion policy
- amendments to National Instrument 45-106 Prospectus and Registration Exemptions and its companion policy
- consequential amendments.
Proposed local consequential amendments
The definition of venture issuer in proposed NI 51-103 would exclude issuers that are subject to BC Instrument 51-509 Issuers Quoted in the U.S. Over-the-Counter Markets (the BC OTC rule). The Commission proposes consequential amendments to the BC OTC rule in Appendix H of the CSA notice.
The proposed consequential amendments to the BC OTC rule would reflect the amended definition of “venture issuer” and the introduction of the definition of “senior unlisted issuer” in the venture issuer proposal. As a result, the continuous disclosure obligations of issuers that are subject to the BC OTC rule would not change. The Commission will make similar amendments to BC Instrument 52-511 Relief for OTC Reporting Issuers from Certain Certification Requirements.
July 28, 2011
Brent W. Aitken