LogoRegulatory Alerts
2019-05-02

Amendments to Policy Statement to Regulation 51-101 Respecting Standards of Disclosure for Oil and Gas Activities

The Canadian Securities Administrators issued amendments to the Policy Statement accompanying Regulation 51-101 to align disclosure requirements with the transition from SEDAR to the Renewed System. The changes mandate that documents required or permitted to be filed with regulators, except in Quebec, must be electronically transmitted through the Renewed System in accordance with Regulation 13-103. Additionally, the text updates all references to the legacy SEDAR system and its associated manuals to reflect the new regulatory framework and phased implementation schedule.

Autorite des marches financiers Quebec logo

Canada

Autorite des marches financiers Quebec

Click to view thumbnail

AMENDMENTS TO POLICY STATEMENT TO REGULATION 51-101 RESPECTING STANDARDS OF DISCLOSURE FOR OIL AND GAS ACTIVITIES

  1. Policy Statement to Regulation 51-101 respecting Standards of Disclosure for Oil and Gas Activities is amended by replacing, in the fourth opening paragraph, the word “SEDAR” with the words “[Renewed System]”.
  2. The Policy Statement is amended by inserting, after section 1.4, the following: “1.5. Electronic transmission Regulation 13-103 respecting System Replacement (insert reference) prescribes that each document that is required or permitted to be provided to a regulator, except in Québec, or securities regulatory authority must be transmitted to the regulator, except in Québec, or securities regulatory authority electronically through the [Renewed System]. The reference to a document includes any report, form, application, information, material and notice, as well as a copy thereof, and applies to documents that are required or permitted to be filed or deposited with, or delivered, furnished, sent, provided, submitted or otherwise transmitted to, a regulator, except in Québec, or securities regulatory authority. To reflect the phased implementation of the [Renewed System], the Appendix of Regulation 13-103 respecting System Replacement sets out securities legislation under which documents are excluded from being filed or delivered in the [Renewed System]. Reference to Regulation 13-103 respecting System Replacement should be made when providing any document to a regulator, except in Québec, or securities regulatory authority under Regulation 51-101 and this Policy Statement.”.
  3. Section 2.1 of the Policy Statement is amended: (1) by replacing “Regulation 13-101 respecting System for Electronic Document Analysis and Retrieval (SEDAR) and the current CSA “SEDAR Filer Manual”” with “Regulation 13-103 respecting System Replacement and its Policy Statement”; (2) by replacing, wherever it appears, the word “SEDAR” with the words “[Renewed System]”.
  4. The Policy Statement is amended by replacing, wherever it appears in sections 2.4 and 5.2, the word “SEDAR” with the words “[Renewed System]”.
Share