NI 43-101

Share Your Thoughts on Proposed Changes to NI 43-101

The Canadian Securities Administrators (CSA) have published for comment proposed amendments to the rules that govern disclosure by mineral exploration and mining companies that are reporting issuers in Canada.

The CSA is seeking comment by July 23, 2010, on its proposal to repeal and replace National Instrument 43-101, Form 43-101F1, and Companion Policy 43-101CP. In response to this proposal, AME BC has struck a task force led by Jonathan Lotz to gather comments and prepare a submission to the CSA.

The stated aims of the amendments include improving efficiencies in mineral disclosure and the filing of technical reports, while continuing to protect investors.

Information on the changes to NI 43-101 is available on the British Columbia Securities Commission website at http://www.bcsc.bc.ca/policy.aspx?id=9974&cat=. The following list includes some of the major changes.

  • Expanded definition of "historical estimate" to allow for estimates prepared after February 1, 2001, but before the issuer acquired an interest in the property
  • Wider acceptance of qualified persons from foreign professional associations that meet objective membership requirements and wider availability of foreign resource codes for NI 43-101 disclosure
  • Expansion of the definition of “preliminary assessment” to include preliminary economic analysis after the completion of a pre-feasibility study or feasibility study          Elimination of the requirement to file updated certificates and consents for previously filed technical reports that are still current
  • Proposed extension (in certain circumstances) of deadline to file technical reports when an issuer acquires a property that results in a material change in the affairs of an issuer
  • Proposed removal of short form prospectuses from the list of documents that can trigger the filing of a technical report
  • Removal of technical report filing requirement for issuers who only hold royalty interests
  • Exemption of producing issuers from requirement to disclose economic analyses for producing properties

If you wish to contribute to AME BC’s submission, please contact Jonathan Lotz at jcl@cwilson.com.

Courtesy of Jonathan Lotz, AME BC Mining & Securities Laws Committee

 

Update from the Canadian Securities Transition Office

New information has been posted to the Canadian Securities Transitionon website regarding their Transition Plan for the Canadian Securities Regulatory Authority, which was delivered, on July 12, 2010, to the federal Minister of Finance and the participating provinces and territories.
 
For more information, visit www.csto-btcvm.ca/en/transition-plan.aspx.