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2021-05-20

Draft Regulation to amend Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer

The regulator amends Regulation 54-101 to formally define annual and interim disclosure statements by referencing Regulation 51-102. The changes update terminology throughout the regulation to allow these disclosure statements to be included in annual reports or financial statements for communication purposes. These amendments ensure that reporting issuers can integrate required continuous disclosure materials into their annual reporting packages when communicating with beneficial owners.

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Autorite des marches financiers Quebec

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REGULATION TO AMEND REGULATION 54-101 RESPECTING COMMUNICATION WITH BENEFICIAL OWNERS OF SECURITIES OF A REPORTING ISSUER Securities Act (chapter V-1.1, s. 331.1, par. (1), (8), (20) and (34))

  1. Section 1.1 of Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer (chapter V-1.1, r. 29) is amended: (1) by inserting, after the definition of the expression “affairs”, the following: ““annual disclosure statement” has the same meaning as in Regulation 51-102 respecting Continuous Disclosure Obligations (chapter V-1.1, r. 24);” (2) by inserting, after the definition of the expression “FINS”, the following: ““interim disclosure statement” has the same meaning as in Regulation 51-102 respecting Continuous Disclosure Obligations;”.
  2. Section 2.7.1 of the Regulation is amended by replacing, in subparagraph (b) of paragraph (2), the words “which may be part of” with the words “which, for that purpose, may be included in an annual disclosure statement or”.
  3. Section 3.3 of the Regulation is amended by replacing, in subparagraph (B) of subparagraphs (iv) and (v) of paragraph (b), the words “financial statements” with the words “annual disclosure statements, financial statements”.
  4. Section 9.1 of the Regulation is amended: (1) by replacing the title with the following: “Annual Disclosure Statement, Audited Annual Financial Statements or Annual Report”; (2) by replacing the words “annual financial statements or an annual report if the statements or report are sent” with the words “annual financial statements, which, for that purpose, may be included in an annual disclosure statement or an annual report, if any of these materials are sent”.
  5. This Regulation comes into force on (indicate here the date of coming into force of this Regulation).
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