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Jan 19, 2007
The Canadian Securities Administrators (CSA) today announced they are seeking comment from the public on proposed amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, related forms and companion policy.
The proposed amendments are intended to provide new guidelines for disclosure of resources that are not currently classified as reserves, remove certain annual filing requirements, and clarify or streamline certain provisions.
“Since it was implemented in September 2003, we have consulted with stakeholders and monitored how NI 51-101 is working,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). “Based on that feedback, we’ve proposed amendments that are designed to make oil and gas disclosure more meaningful and understandable to investors.”
The comment period is open until April 19, 2007. Documents related to proposed amendments to NI 51-101 and the companion policy are available on several CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories,
co-ordinates and harmonizes regulation for the Canadian capital markets.