Regulatory Alerts2020-11-12
Amendments to Policy Statement to Regulation 51-102 respecting Continuous Disclosure Obligations
Canadian securities regulators amended Policy Statement 51-102 to clarify that acquisitions constituting businesses for securities law purposes may not meet accounting definitions. The amendments revise significance tests by setting a 30% threshold for two tests for non-venture issuers and a 100% threshold for asset or investment tests for venture issuers. Additionally, the policy now requires carve-out financial statements when complete financial records of an acquired business are unavailable.
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