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Amendments to National Instrument 51-102: Reduction of the Regulatory Burden on Venture Issuers [Completed]

Issued: April 9, 2015.

Transitional provisions:

Provided all necessary Ministerial approvals are obtained, the amendments will come into force on June 30, 2015.

Last updated:

April 2015


The amendments address continuous disclosure and governance obligations, as well as disclosure for prospectus offerings.

Once in effect, the amendments will:

  1. allow all venture issuers to meet interim management’s discussion and analysis requirements by preparing a brief “quarterly highlights” document;
  2. allow venture issuers to use a new tailored form of executive compensation disclosure;
  3. reduce the instances in which venture issuers will have to file business acquisition reports by increasing the significance threshold from 40 per cent to 100 per cent;
  4. streamline prospectus disclosure requirements by reducing the number of years of company history and audited financial statements required in a venture issuer initial public offering prospectus from three to two years; and
  5. strengthen corporate governance by requiring venture issuers to have an audit committee of at least three members, the majority of whom cannot be executive officers, employees or control persons of the venture issuer or of an affiliate of the venture issuer..

Recent activities

April 2015

On April 9, 2015, the CSA announced the final implementation of amendments that will streamline and tailor disclosure by venture issuers.

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