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Sep 05, 2019
Montreal –The Canadian Securities Administrators (CSA) today published for comment proposed amendments to the business acquisition report (BAR) requirements for reporting issuers that are not venture issuers.
The proposed amendments aim to reduce regulatory burden and address certain concerns expressed by stakeholders by narrowing the circumstances under which a BAR must be filed.
“Reporting requirements should be based on the relevance of the information to investors’ decision-making,” said Louis Morisset, CSA Chair and President and Chief Executive Officer of the Autorité des marchés financiers. “These proposed changes align with the CSA’s goal of streamlining regulation without compromising investor protection.”
Currently, a reporting issuer that is not a venture issuer must file a BAR after completing a significant acquisition if any one of the three significance tests set out in National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) exceeds 20 per cent.
For reporting issuers that are not venture issuers, the proposed amendments will:
The comment period will close on December 4, 2019.
The proposed amendments to NI 51-102 and related changes to certain companion policies can be found on 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.
For investor inquiries, please refer to your respective securities regulator. You can contact them here.
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at firstname.lastname@example.org.
Kristen Rose Ontario Securities Commission 416-593-2336
Brian Kladko British Columbia Securities Commission 604-899-6713
Jason Booth The Manitoba Securities Commission 204-945-1660
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
David Harrison Nova Scotia Securities Commission 902-424-8586
Renée Dyer Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Hilary McMeekin Communications Manager 403-592-8186
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
Steven Dowling Government of Prince Edward Island Superintendent of Securities 902-368-4551
Jeff Mason Nunavut Securities Office 867-975-6591
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305