CSA issue notice of amendments regarding standards of disclosure for oil and gas activities

25 octobre 2010

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On October 15, 2010, the Canadian Securities Administrators (CSA) issued a Notice of Amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) and related and consequential amendments. NI 51-101 sets out annual filing requirements for reporting issuers who are involved in oil and gas activities and the disclosure standards applicable both to those annual filings and any other disclosures relating to their oil and gas activities. The stated purposes of the amendments are to clarify the standards of disclosure, codify existing staff guidance and practice, and add requirements to enhance reliability of certain disclosure of reserves and resources other than reserves. Each member of the CSA has made, or are expected to make, the amendments, which will come into force on December 30, 2010 provided that all requisite ministerial approvals are obtained.

NI 51-101 was originally implemented in September 2003 and amended in 2005 and 2007.  The latest set of proposed amendments were published for comment on December 18, 2009 and open for comment until March 2010. The Notice of Amendments identified eight commenters and summarized their comments,  together with CSA responses. Changes were made to the proposed amendments in response to the comments but such changes were not considered material. 

Amendments will be made to the forms and companion policy (51-101CP) related to NI 51-101.  Consequential amendments will also be made to item 5.5 of Form 41-101F1 Information Required in a Prospectus and CSA Staff Notices 51-324 and 51-327 to reflect changes to NI 51-101. Our securities colleagues Keith Chatwin and Chris Scherman have published a more comprehensive update on the amendments on our securities blog.

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