Securities CSA

Calgary - The Canadian Securities Administrators (CSA) today announced that they will not pursue implementation of proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers (NI 51-103).

NI 51-103 was to introduce, among other things, a new tailored regulatory regime for venture issuers that was intended to streamline venture issuer disclosure to reflect the needs and expectations of venture issuer investors. The regime would also make disclosure requirements more suitable and more manageable for venture issuers at this stage of their development.

After collecting feedback through multiple comments periods and refining the proposals, the CSA has decided that there is not sufficient support from market participants for proposed NI 51-103 to proceed to implementation.

The CSA is considering whether some of the proposals within proposed NI 51-103 could be implemented as amendments within the existing regulatory regime for venture issuers. Any resulting proposed amendments would be published for comment, as necessary.

CSA Notice 51-340 announcing this decision has been posted to various CSA member websites.

The CSA, the council of the securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

Sylvain Théberge
Autorité des marchés financiers

Mark Dickey
Alberta Securities Commission

Richard Gilhooley
British Columbia Securities Commission

Carolyn Shaw-Rimmington
Ontario Securities Commission

Ainsley Cunningham
Manitoba Securities Commission

Wendy Connors-Beckett
Financial and Consumer Services Commission
New Brunswick

Tanya Wiltshire
Nova Scotia Securities Commission

Janice Callbeck
PEI Securities Office
Office of the Attorney General

Doug Connolly
Financial Services Regulation Div.
Newfoundland and Labrador

Rhonda Horte
Office of the Yukon Superintendent of securities

Louis Arki
Nunavut Securities Office

Donn MacDougall
Northwest Territories
Securities Office

Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan