Proposed Governance And Disclosure Requirements For Venture Issuers

In July 2011, the Canadian Securities Administrators published for comment a new governance and disclosure regulatory regime for issuers with securities listed on venture exchanges, such as the TSX Venture Exchange and the Canadian National Stock Exchange in Canada. The proposal, which is open for comment until October 27, 2011, has been designed to (i) streamline and tailor disclosure requirements to balance the ability of venture issuers to manage those obligations with the needs and expectations of their investors, and (ii) consolidate the bulk of the requirements applicable to venture issuers in a single instrument, National Instrument 51-103 Ongoing Governance and Disclosure Requirements For Venture Issuers.