The Canadian Securities Administrators (CSA) are proposing to repeal and replace the current National Instrument 43-101 Standards of Disclosure for Mineral Projects (the Instrument) and Form 43-101F1 Technical Report (the Form) with a streamlined instrument and Form (The Modernized Disclosure Requirements).
The regulator is also proposing to rescind and replace the current Companion Policy 43-101CP to National Instrument 43-101 Standards of Disclosure for Mineral Projects (the Companion Policy) with a new companion policy. The Modernized Disclosure Requirements, as defined below, are intended to modernize and streamline Canada’s mining disclosure regime and continue to protect investors, without imposing an undue regulatory burden on market participants.
The Modernized Disclosure Requirements will include the following:
- proposed National Instrument 43-101 Standards of Disclosure for Mineral Projects (the
Proposed NI 43-101) and Form 43-101F1 Technical Report (the Proposed Form), including a repeal of the Instrument and the Form;
- proposed Companion Policy 43-101CP to National Instrument 43-101 Standards of
Disclosure for Mineral Projects (the Proposed Companion Policy), including a rescission of the Companion Policy;
- proposed consequential amendments to existing rules:
- National Instrument 44-101 Short Form Prospectus Distributions;
- National Instrument 44-102 Shelf Distributions;
- Form 45-106F3 Offering Memorandum for Qualifying Issuers;
- Form 51-102F2 Annual Information Form;
- Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets; and,
- proposed consequential changes to Companion Policy 51-105CP to Multilateral Instrument
- 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets
(The proposed text of Update on the CSA Project to Modernize Mineral Disclosure Requirements) is available for download from the websites of the participating jurisdictions.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
