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ARTICLE · 24 AUGUST 2020

Canadian Securities Regulators Relax Financial Tests For Significant Acquisition Reporting

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On August 20, Canadian Securities Administrators (CSA) adopted amendments to National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) that narrow the circumstances...

CanadaCorporate/Commercial Law
Josh Lavine
Josh Lavine
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On August 20, Canadian Securities Administrators (CSA) adopted amendments to National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) that narrow the circumstances under which reporting issuers are required to prepare and file business acquisition reports. These amendments are part of the CSA's broader efforts to reduce regulatory burdens on reporting issuers without compromising investor protection, and will become effective on November 18.

What you need to know

  • The current 20% significance threshold will be raised to 30% for each of the asset, investment and profit or loss significance tests.
  • At least two of the three significance tests must exceed the 30% threshold in order for an acquisition to constitute a significant acquisition (up from any one of three tests).

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