Regulatory Alerts2022-04-14
Amendments to Policy Statement to Regulation 41-101 respecting General Prospectus Requirements
The Canadian Securities Administrators issued amendments to Policy Statement 41-101P to clarify financial statement disclosure requirements for prospectuses involving significant acquisitions and predecessor entities. The updates redefine how issuers determine their primary business, mandating historical financial statements for acquired businesses that constitute a fundamental change or exceed specific significance thresholds. Additionally, the amendments introduce guidance on mining asset acquisitions and exceptional scenarios requiring additional financial information to ensure full, true, and plain disclosure.
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