CSA finalize amendments to continuous disclosure system
NI 51-102 amendments proposed to come into force on December 29, 2006
Simon Romano and Ramandeep K. Grewal.
On October 13, 2006, the Canadian Securities Administrators published their final notice of amendments to NI 51-102 - Continuous Disclosure Obligations (NI 51-102), its related forms and companion policy (CP 51-102), NI 51-107 - Acceptable Accounting Principles, Auditing Standards and Reporting Currency, NI 71-102 - Continuous Disclosure and Other Exemptions relating to Foreign Issuers, and consequential amendments to NI 44-101 - Short Form Prospectus Distributions and Form 44-101F1 (collectively referred to as the Amendments). This latest overhaul of the Canadian continuous disclosure regime is targeted at clarifying and streamlining various existing provisions of the respective instruments, as well as codifying discretionary exemptions that the CSA have granted in the past.
NI 51-102 sets out the obligations of reporting issuers, other than investment funds, relating to financial statements, AIFs, MD&A, business acquisitions, material change reporting, information circulars, proxies and proxy solicitation and other disclosure matters. This update focuses on some of the key changes to be introduced specifically under the Amendments to NI 51-102, its related forms and CP 51-102.
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