Regulatory Alerts2021-05-20
Draft Regulation to amend Regulation 58-101 respecting Disclosure of Corporate Governance Practices
The regulator amends Regulation 58-101 to align corporate governance disclosure terminology with Regulation 51-102 by introducing definitions for annual and interim disclosure statements. The amendment replaces references to financial statements with these new disclosure statements and updates the definition of venture issuer to reflect the current name of NEO Exchange Inc. Transition provisions ensure that issuers must comply with the amended regulation only after their effective date, which is tied to their first required filing under continuous disclosure obligations.
REGULATION TO AMEND REGULATION 58-101 RESPECTING DISCLOSURE OF CORPORATE GOVERNANCE PRACTICES Securities Act (chapter V-1.1, s. 331.1, par. (20) and (34))
- Section 1.1 of Regulation 58-101 respecting Disclosure of Corporate Governance Practices (chapter V-1.1, r. 32) is amended: (1) by inserting, after the definition of the expression “AIF”, the following: ““annual disclosure statement” has the same meaning as in Regulation 51-102 respecting Continuous Disclosure Obligations;”; (2) by inserting, after the definition of the expression “executive officer”, the following: ““interim disclosure statement” has the same meaning as in Regulation 51-102 respecting Continuous Disclosure Obligations;”; (3) by replacing, in the definition of the expression “venture issuer”, “Aequitas NEO Exchange Inc.” with “NEO Exchange Inc.”; (4) by replacing, in the French text, the definition of the expression “titre adossé à des créances” with the following: “« titre adossé à des actifs » : un titre adossé à des actifs au sens du Règlement 51-102 sur les obligations d’information continue.”.
- Section 1.3 of the Regulation is amended by replacing, in the French text of paragraph (a), the words “titres adossés à des créances” with the words “titres adossés à des actifs”.
- Section 2.3 of the Regulation is amended by replacing the words “financial statements” with the words “annual disclosure statement or interim disclosure statement”.
- 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).
2 5. Effective date This Regulation comes into force on (indicate here the date of coming into force of this Regulation).