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Canadian Securities Regulators Propose Changes to Streamline Venture Issuer Disclosure

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/22/14 -- The Canadian Securities Administrators (CSA) today published for comment proposed amendments that would streamline disclosure by venture issuers.

"These proposed amendments are designed to streamline disclosure requirements so that venture issuers can focus more on the growth of their businesses," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "They will also focus disclosure on information that reflects the needs and expectations of investors and eliminate disclosure that may be less valuable to investors."

The proposals address continuous disclosure and governance obligations, as well as disclosure for prospectus offerings.

In particular, the proposed amendments would:

--  allow the requirement for management's discussion and analysis for
    interim financial periods to be satisfied by a streamlined and highly
    focused report on quarterly highlights, if the venture issuer does not
    have significant revenue;
--  implement a new tailored form of executive compensation disclosure;
--  reduce the instances in which a business acquisition report must be
--  create a new requirement for audit committees to have a majority of
    independent members; and
--  amend the prospectus disclosure requirements to reduce the number of
    years of audited financial statements required for venture issuers
    becoming reporting issuers and to conform the prospectus disclosure
    requirements to the proposed amendments related to continuous

The CSA notice and the proposed amendments are available on CSA members' websites. The comment period is open until August 20, 2014.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Richard Gilhooley
British Columbia Securities Commission

Mark Dickey
Alberta Securities Commission

Kevan Hannah
Manitoba Securities Commission

Tanya Wiltshire
Nova Scotia Securities Commission

Don Boyles
Financial Services Regulation Div.
Newfoundland and Labrador

Louis Arki
Nunavut Securities Office

Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan

Sylvain Theberge
Autorite des marches financiers

Carolyn Shaw-Rimmington
Ontario Securities Commission

Wendy Connors-Beckett
Financial and Consumer Services
Commission New Brunswick

Janice Callbeck
PEI Securities Office
Office of the Attorney General

Rhonda Horte
Office of the Yukon Superintendent of securities

Gary MacDougall
Northwest Territories
Securities Office

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