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2021-05-20

Draft Regulation to amend Regulation 55-104 respecting Insider Reporting Requirements and Exemptions

The regulator amends Regulation 55-104 to align terminology with Regulation 51-102 by inserting a definition for MD&A and removing references to companies. These changes update specific sections including 1.1, 1.2, 1.3, 4.3, 9.4, 9.6, and 9.7 to ensure consistent language regarding continuous disclosure obligations. The amendments primarily involve deleting the words or company and adjusting French text to reflect these structural updates before the regulation comes into force.

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Autorite des marches financiers Quebec

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REGULATION TO AMEND REGULATION 55-104 RESPECTING INSIDER REPORTING REQUIREMENTS AND EXEMPTIONS Securities Act (chapter V-1.1, s. 331.1, par. (34))

  1. Section 1.1 of Regulation 55-104 respecting Insider Reporting Requirements and Exemptions (chapter V-1.1, r. 31) is amended: (1) by inserting, after the definition of the expression “management company”, the following: “MD&A” has the same meaning as in Regulation 51-102 respecting Continuous Disclosure Obligations (chapter V-1.1, r. 24);”; (2) by deleting, wherever they appear, the words “or company”.
  2. Section 1.2 of the Regulation is amended by deleting, in the title and paragraph (1), the words “and companies”.
  3. Section 1.3 of the Regulation is amended: (1) by replacing, in paragraph (1), “under section 5.4 of Regulation 51-102 respecting Continuous Disclosure Obligations (chapter V-1.1, r. 24)” with the words “in an MD&A” and by deleting, wherever they appear, the words “or company”; (2) by deleting, in paragraph (2), the words “or company”.
  4. Section 4.3 of the Regulation is amended by deleting, in the French text, the words “ou de l’accord”.
  5. Section 9.4 of the Regulation is amended by replacing, in the French text of paragraph (c), the words “ni l’accord visé” with the word “visée”.
  6. Section 9.6 of the Regulation is amended by deleting, in paragraph (a), the words “or company”.
  7. The Regulation is amended by deleting, wherever they appear in the French text of sections 4.1, 4.2 and 9.7, the words “ou un accord” and the words “ou l’accord”, with the necessary grammatical changes.
  8. This Regulation comes into force on (indicate here the date of coming into force of this Regulation).
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