The Canadian Securities Administrators (CSA) has opened a 120-day comment period on proposed amendments seeking to update and improve the standards for disclosing scientific and technical information regarding mineral projects.
According to a news release from the CSA, the planned adjustments to “National Instrument 43-101, Standards of Disclosure for Mineral Projects” aim to:
- remove or replace outdated definitions and requirements
- modernize and streamline requirements to align with industry practices
- clarify and offer guidance on specific definitions and requirements
- introduce minor language changes to make disclosure requirements clearer
More broadly, the CSA said the proposed amendments relating to the mining disclosure standards seek to tackle changing disclosure practices and policy considerations, reflect shifting industry and investor expectations, and harmonize and streamline the country’s mining disclosure regime without imposing new requirements.
“Our goal is to provide investors with clear, reliable information about mineral projects so they can make informed decisions, without imposing an undue regulatory burden on mining issuers,” said Stan Magidson, the CSA’s chair and the Alberta Securities Commission’s chair and chief executive officer, in the news release.
“By modernizing and streamlining the disclosure regime, we aim to maintain Canada’s position as the global standard for mining disclosure,” Magidson added in the CSA’s news release.
The CSA noted that those interested can check the planned amendments, which are published on the websites of its members.
More on CSA
The CSA, comprising the securities regulators of Canada’s provinces and territories, aims to coordinate and harmonize regulation for the country’s capital markets, according to the news release.
In April 2022, the CSA published “CSA Consultation Paper 43-401, Consultation on National Instrument 43-101 Standards of Disclosure for Mineral Projects.”
The consultation paper noted that Canada aims to be a leader in mining capital formation, and National Instrument 43-101 seeks to attract global recognition as the standard for mineral project disclosures.
The consultation paper solicited stakeholder insights on the efficacy of numerous National Instrument 43-101 provisions, portions with priority areas for revision, and possible regulatory adjustments to tackle particular concerns.
The consultation paper sought to inform the CSA’s efforts to weigh possible ways to update and improve the current mineral disclosure requirements, promote fairness and efficiency in the capital markets for mining issuers, and ensure investors receive relevant disclosures.