Regulatory Alerts2023-06-09
Regulation 51-101 Respecting Standards of Disclosure for Oil and Gas Activities
Quebec securities regulators issued Regulation 51-101 to establish mandatory disclosure standards for reporting issuers engaged in oil and gas activities. The regulation requires issuers to file annual statements of reserves data and future net revenue, accompanied by independent reports from qualified reserves evaluators or auditors. It further imposes strict governance responsibilities on boards of directors to oversee the accuracy of disclosures and ensures consistency between financial statements and reserves data.
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