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Canadian securities regulators will not implement proposed rule for venture issuers

Jul 25, 2013

The Canadian Securities Administrators (CSA) today announced that they will not pursue implementation of proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers (NI 51-103). 
 
NI 51-103 was to introduce, among other things, a new tailored regulatory regime for venture issuers that was intended to streamline venture issuer disclosure to reflect the needs and expectations of venture issuer investors.  The regime was also intended to make disclosure requirements more suitable and manageable for venture issuers at this stage of their development.
 
Although market participants supported many aspects of proposed NI 51-103, they raised significant concerns about the burden that transitioning to a new regime and having a mandatory annual report would place on venture issuers.
 
After reviewing the comments received and further consideration, the CSA determined not to pursue implementation of proposed NI 51-103. 
 
The CSA is considering implementing some of the proposals within proposed NI 51-103 as amendments to the existing regulatory regime for venture issuers.  Any resulting proposed amendments would be published for comment, as necessary.
 
CSA Notice 51-340 announcing this decision has been posted to various CSA member websites.
 
The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.
 
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For more information:

 

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Sylvain Théberge
Autorité des marchés financiers
sylvain.theberge@lautorite.qc.ca

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Janice Callbeck
The Office of the Superintendent of Securities, P.E.I.
902-368-6288

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466

Ann Hall
Northwest Territories Securities Office
867-920-3318

Alison Walker
British Columbia Securities Commission
604-899-6713

Andrew Nicholson
Financial and Consumer Services Commission, New Brunswick
506-658-3021

Denny Huyghebaert
Financial and Consumer Affairs Authority of Saskatchewan
306-787-5548

Jeff Mason
Nunavut Securities Office
867-975-6591