The Canadian Securities Administrators have recently streamlined continuos disclosure obligations for venture issuers. This simplifies some obligations and may also enable issuers access or pursue acquisitions on a more timely basis. A highlight of the changes are below:
1. Quarterly Reporting Now Optional: Venture issuers now have the option to provide "highlights" disclosure in place of full interim MD&A for quarterly reports. The highlights would include a short discussion of all material information about the company's operations, liquidity and capital resources.
2. Executive Compensation Filing Deadline Clarified: Venture issuers must file applicable executive compensation disclosure within 180 days after the financial year-end for venture issuers.
3. Business Acquisition Report (BAR) Filing Threshold Increased: There will be fewer BARs required to be filed as the significance acquisition threshold (either an asset or investment test) has been increased from 40% to 100%. The new threshold will apply to instances of when (a) proceeds of a prospectus offering will be used to finance a proposed acquisition and (b) information circulars relate to a proposed acquisition.
To read more, view the full details on the BC Securities Commission website here: https://www.bcsc.bc.ca/51-102_[NI_and_F_Amendment_Advance_Notice]_09042015/