51-102CP - Continuous Disclosure Obligations [CP Amendment Advance Notice - Lapsed]
- BCN 2007/32 - Advance Notice of Amendments to National Instrument 51-102 Continuous Disclosure Obligations, Form 51-102F2 Annual Information Form, Form 51-102F5 Information Circular [BCN - Lapsed]
1. Companion Policy 51-102CPContinuous Disclosure Obligationsis amended by,
a. adding the following after subsection 1.4(3):
Similarly, the terms chief executive officer and chief financial officer should be read to include the individuals who have the responsibilities normally associated with these positions or act in a similar capacity. This determination should be made irrespective of an individual's corporate title or whether that individual is employed directly or acts pursuant to an agreement or understanding.
b. adding the following after section 9.1:
9.2 Prospectus-level Disclosure in Certain Information Circulars
Section 14.2 of Form 51-102F5 Information Circular requires an issuer to provide prospectus-level disclosure about certain entities if securityholder approval is required in respect of a significant acquisition under which securities of the acquired business are being exchanged for the issuer's securities or in respect of a restructuring transaction under which securities are to be changed, exchanged, issued or distributed.
Section 14.2 provides that the disclosure must be the disclosure (including financial statements) prescribed by the form of prospectus that the entity would be eligible to use immediately prior to the sending and filing of the information circular in respect of the significant acquisition or restructuring transaction, for a distribution of securities in the jurisdiction.
For example, if disclosure was required in an information circular of Company A for both Company A (an issuer that was only eligible to file a long form prospectus) and Company B (an issuer that was eligible to file a short form prospectus), the disclosure for Company A would be that required by the long form prospectus rules and the disclosure for Company B would be that required by the short form prospectus rules. Any information incorporated by reference in the information circular of Company A would have to comply with paragraph (c) of Part 1 of Form 51-102F5 and be filed under Company A's profile on SEDAR.
2. This amendment comes into force December 31, 2007.