Venture Issuers Subject to Streamlined Requirements

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/