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2023-06-01

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

The Canadian Securities Administrators amended the Policy Statement to National Instrument 51-101 to update references from the legacy SEDAR system to the new System for Electronic Data Analysis and Retrieval + (SEDAR+). The revisions require that documents filed with regulators, excluding those in Québec, be transmitted electronically through SEDAR+ in accordance with Regulation 13-103. These changes ensure alignment with the phased implementation of SEDAR+ by replacing outdated terminology and referencing the correct regulatory framework throughout the disclosure standards.

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Autorite des marches financiers Quebec

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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 “SEDAR”, in the fourth introductory paragraph, by “SEDAR+”.
  2. The Policy Statement is amended by inserting, after section 1.4, the following: “1.5. Electronic transmission Regulation 13-103 respecting System for Electronic Data Analysis and Retrieval + (SEDAR+) (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 System for Electronic Data Analysis and Retrieval + (SEDAR+). 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 SEDAR+, the Appendix of Regulation 13-103 respecting System for Electronic Data Analysis and Retrieval + (SEDAR+) sets out securities legislation under which documents are excluded from being filed or delivered in SEDAR+. Regulation 13-103 respecting System for Electronic Data Analysis and Retrieval + (SEDAR+) should be consulted 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”” by “Regulation 13-103 respecting System for Electronic Data Analysis and Retrieval + (SEDAR+) and its Policy Statement”; (2) by replacing “SEDAR”, wherever it appears, by “SEDAR+”.
  4. The Policy Statement is amended by replacing “SEDAR”, wherever it appears in sections 2.4 and 5.2, by “SEDAR+”.
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