Draft Regulation to amend Regulation 51-101 respecting Standards of Disclosure for Oil and Gas Activities

REGULATION TO AMEND REGULATION 51-101 RESPECTING STANDARDS OF DISCLOSURE FOR OIL AND GAS ACTIVITIES Securities Act (chapter V-1.1, s. 331.1, par. (34))

1. Section 1.1 of Regulation 51-101 respecting Standards of Disclosure for Oil and Gas Activities (chapter V-1.1, r. 23) is amended by inserting, after the definition of the expression “analogous information”, 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. Section 2.1 of the Regulation is amended by replacing, in the text preceding paragraph (1), the words “audited financial statements” with the words “an annual disclosure statement”.
3. Transition (1) In this section, the expression “issuer’s effective date” means, in relation to an issuer, the earlier of (a) the date the issuer is required to file an annual disclosure statement under Regulation 51-102 respecting Continuous Disclosure Obligations (chapter V-1.1, r. 24) for its first financial year ending on or after (indicate here the date of coming into force of this Regulation), and (b) the date, on or after (indicate here the date of coming into force of this Regulation), the issuer files an annual disclosure statement or an interim disclosure statement under Regulation 51-102 respecting Continuous Disclosure Obligations. (2) The provisions of the Regulation, as amended by this Regulation, do not apply to an issuer until the issuer’s effective date. (3) Until the issuer’s effective date, an issuer must comply with the Regulation as it read on (indicate here the date preceding the date of coming into force of this Regulation).
4. Effective date This Regulation comes into force on (indicate here the date of coming into force of this Regulation).