CSA Eliminate Certain Disclosure Requirements For Venture Issuers

The Canadian Securities Administrators announced yesterday that they are implementing amendments to the continuous disclosure and corporate governance obligations of venture issuers, which include increasing the BAR threshold to 100%, reducing historical financial statement disclosure in IPO prospectuses to 2 years and permitting for the use of quarterly "highlights" to replace interim MD&A.

The amendments were originally proposed in May of 2014, after the CSA abandoned an earlier attempt to completely overhaul the venture issuer disclosure regime in July of 2013. While primarily aimed at easing the disclosure burden for venture issuers, the amendments also include certain changes that will impact all issuers.