Publication
TITRE
Changes to CSA Practices Regarding Technical Reports Filed for Prospectus Offerings
DATE
11 juillet 2006
EXPERTISE
The Canadian Securities Administrators (CSA) have issued Staff Notice 43-306 announcing changes in administrative practices regarding:
- Public access to technical reports and related materials filed with preliminary prospectuses.
- Technical materials that an issuer must file prior to the issuance of a receipt for a preliminary prospectus
As a matter of practice, the CSA have not made the technical reports required by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) filed with a preliminary prospectus publicly available on SEDAR until a receipt for the preliminary prospectus had been issued. Beginning July 1, 2006, technical reports and the related consents and certificates of qualified persons (QPs) will be made publicly available on SEDAR at the same time the preliminary prospectus is made available. While Issuers may apply to have these documents kept confidential, securities regulators would only grant this request in exceptional circumstances.
An issuer that is required to file a technical report with a preliminary prospectus must also deliver a certificate and consent of each QP involved in the preparation of such technical report. In practice, the CSA have not always required the issuer to file the certificates and consents of QPs before a receipt is issued for the preliminary prospectus despite the clear requirement in NI 43-101 to do so. Effective immediately, a receipt for a preliminary prospectus will not be issued until the required technical reports and related consents and certificates of QPs have been filed.
If an issuer files an amended technical report in the period between the filing of a preliminary prospectus and the filing of a final prospectus, under NI 43-101 the issuer is required to file new certificates and consents of QPs with the amended technical report.
For more information, please contact:
Toronto
Dawn Whittaker - 416-216-1895
dwhitaker@ogilvyrenault.com
Montreal
Robert Borduas - (514) 847-4524
rborduas@ogilvyrenault.com
© Ogilvy Renault LLP 2006 - All Rights Reserved
Personnes-ressources
Dawn P. Whittaker
Toronto
416.216.1895
dwhittaker@ogilvyrenault.com
Profil
Robert G. Borduas
Montréal
514.847.4524
rborduas@ogilvyrenault.com
Profil
