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ARTICLE · 14 SEPTEMBER 2020

CSA Amends BAR Requirements

Borden Ladner Gervais LLP
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On August 20, 2020, the CSA announced amendments to the business acquisition report requirements set out in Part 8 of National Instrument 51-102 Continuous Disclosure Obligations for reporting issuers that are not venture issuers.

CanadaCorporate/Commercial Law
Kent Kufeldt
Kent Kufeldt
Lauren DeGoey
Lauren DeGoey
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On August 20, 2020, the Canadian Securities Administrators announced amendments to the business acquisition report (BAR) requirements set out in Part 8 of National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) for reporting issuers that are not venture issuers. The amendments are aimed at reducing the regulatory burden imposed by the BAR requirements by limiting the circumstances in which a reporting issuer must file a BAR.

Background

A reporting issuer must file a BAR if it completes a significant acquisition. Under the current regime, an acquisition is considered significant for a reporting issuer that is not a venture issuer where the acquisition of a business or related businesses triggers at least one of the three significance tests set out in Part 8 of NI 51-102:

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