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CSA Announce Amendments to Continuous Disclosure Obligations for Venture Issuers


Lawyer Jonathan Feldman
Area Corporate Finance and Securities


The Canadian Securities Administrators (CSA) announced amendments to the continuous disclosure and governance obligations of issuers listed on the TSX Venture Exchange (“Venture Issuers”) in three national instruments: National Instrument 51-102 Continuous Disclosure Obligations, National Instrument 41-101 General Prospectus Requirements and National Instrument 52-110 Audit Committees (collectively, the “Amendments”).  As noted in our previous Update from July 9, 2014 entitled, Proposed Amendments to Venture Issuer Disclosure Requirements, the Amendments originally proposed in May of 2014 retain elements from a previous CSA proposal from July 2013 that was withdrawn based on feedback from the Venture Issuer community.  Unlike the previous CSA proposal which created a separate national instrument to deal with the continuous disclosure and corporate governance of Venture Issuers, the Amendments will be implemented by amending the national instruments making up the current regime.  The Amendments aim to simplify and focus the disclosure and governance requirements of Venture Issuers with a view to eliminating disclosure obligations that may be less valuable to Venture Issuer investors. Provided all necessary approvals are obtained, the Amendments will come into force between June 30, 2015 and January 1, 2016.

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