On August 20, 2020, the Canadian Securities Administrators (the
“CSA”) published amendments to the
business acquisition report (the
“BAR”) requirements for reporting
issuers that are not venture issuers.1 The
amendments will impact National Instrument 51-102 Continuous
Disclosure Obligations (“NI
51-102”) and its companion policy by: (i) increasing
the threshold for each of the significance tests from 20 per cent
to 30 per cent of the applicable measurement threshold; and (ii)
moving from a one-trigger test and adopting a two-trigger test to
determine the “significance” of the acquisition for the
reporting issuer (together, the
“Amendments”).2
Background
On September 5, 2019, the CSA published a Notice and Request for
Comment proposing the Amendments. The Amendments were developed
over the course of an extensive consultation process, including
comment letters and other stakeholder feedback received with
respect to the existing BAR requirements in response to
