BCN 2010/41 - Notice of Adoption of Amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and Related Amendments [BCN - Lapsed]
| Published Date: | 2010-12-24 |
|---|---|
| Rescinded Date: | 2015-07-01 |
| Related Document(s): |
Concurrently Published:
- 41-101F1 - Information Required in a Prospectus [F - Rescinded] - For financial years beginning on or after January 1, 2011
- 51-101 - Standards of Disclosure for Oil and Gas Activities [NI - Rescinded]
- 51-101CP - Standards of Disclosure for Oil and Gas Activities [CP - Rescinded]
- 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information [F - Rescinded]
- 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor [F - Rescinded]
- 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure [F - Rescinded]
- 51-101F4 - Notice of Filing of 51-101F1 Information [F - Rescinded]
Effective December 30, 2010, the Commission, together with other Canadian Securities Administrators, are adopting
- amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, its related forms and companion policy
- new Form 51-101F4 Notice of Filing of 51-101F1 Information
- amendments to Form 41-101F1 Information Required in a Prospectus
(together, the amendments).
Substance and purpose of the amendments
The amendments respond to potentially misleading disclosure practices about increased disclosure of non-commercial and estimated resource classes by:
- restricting the addition of resource classes; for example:
- adding reserves to contingent resources, or
- adding contingent resources to prospective resources;
- permitting the addition of resource categories
- when all underlying estimates that comprise the summation are disclosed,
or - if an explanation as to why underlying estimates cannot be provided is disclosed, then a cautionary statement must be included with the disclosure; and
- when all underlying estimates that comprise the summation are disclosed,
- addressing the increased reporting of non-reserves information, by requiring the disclosure of resources other than reserves in a similar manner as the existing disclosure requirement for reserves.
The amendments are also necessary due to the change from Canadian generally accepted accounting principles to International Financial Reporting Standards, requiring some changes in terminology.
Prior publications
We published the amendments for comment on December 18, 2009 (BCN 2009/34). We published advance notice for our proposed adoption of the amendments on October 15, 2010 (BCN 2010/37).
Questions
You may refer questions to:
Gordon Smith
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
604-899-6656 or 800-373-6393 (toll free across Canada)
gsmith@bcsc.bc.ca
Robert Holland
Chief Mining Advisor, Corporate Finance
British Columbia Securities Commission
604-899-6719 or 800-373-6393 (toll free across Canada)
rholland@bcsc.bc.ca
December 23, 2010
Brenda M. Leong
Chair
| Ref: | National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities |
| This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments. | |