CSA Introduces Proposed Amendments For Disclosure Practices By Venture Issuers

On May 22, 2014, the Canadian Securities Administrators (the "CSA") released proposed amendments to National Instruments 51-102 – Continuous Disclosure Obligations ("NI 51-102"), 41-101 – General Prospectus Requirements ("NI 41-101") and 52-110 – Audit Committees ("NI 52-110") with the intention of streamlining disclosure requirements for venture issuers. The CSA had previously proposed a stand-alone consolidated disclosure instrument for venture issuers, but the feedback received was not supportive of its adoption. As such, the new proposals consist of targeted amendments to existing rules that will tailor disclosure requirements for venture issuers (the "Proposed Amendments"). The CSA believes that the Proposed Amendments will reduce venture issuers' burden of preparing required disclosure documents, while making it easier for investors to read and understand the disclosure documents without eliminating information that would detrimentally affect their ability to