The amendments were originally proposed in May ofafter the CSA abandoned an earlier attempt to completely overhaul the venture issuer disclosure regime in July of While primarily aimed at easing the disclosure burden for venture issuers, the amendments also include certain changes that will impact all issuers. The option to policy quarterly highlights disclosure will apply to financial years beginning on or after July 1, Venture issuers will now have the option to use a new Form F6V Statement of Executive Compensation — Venture Issuers that varies from the requirements of Form F6 as follows:. In addition, two amendments were made which impact all issuers. First, non-venture issuers that are required to file an information circular are now required to file Form F6 Statement of Executive Compensation no later than days after their most recently tsxv financial year. Venture issuers, on the other hand, are required to file executive compensation disclosure within days after financial year-end. The amendments to executive compensation filing deadlines apply for financial years beginning on or after July 1, Second, housekeeping amendments, which affect both venture and non-venture issuers, were made to Item 5. These amendments were made to conform Form F2 to amendments made to NI Standards of Disclosure for Mineral Projects in Venture issuers are now required to have an audit committee of at least three persons with the majority of the audit committee prohibited from being executive officers, employees or control persons of the issuer. While venture issuers have historically been exempted from the independence requirements of NIthis would not be a new requirement for venture issuers listed on the TSX Venture Exchange as such issuers are subject to a similar requirement under section 21 of Policy 3. The audit committee composition requirement is subject to certain exceptions such as for events outside of the control of the audit committee member and for death, disability or resignation of a member. These obligations apply to a venture issuer for financial years beginning on or after January 1, Venture issuers are also provided with additional relief from certain prospectus requirements. The amendments policy the number of years of audited financial statements that are required policy be disclosed in an IPO prospectus from three years to two years. Correspondingly, only two years of business and history would be required to be disclosed in the prospectus. Finally, the prospectus disclosure requirements have also been amended to conform to the amendments made to the continuous disclosure regime described above. Other than the transition provisions noted above, the amendments are set to come into force on June 30, Add this blog to your feeds or subscribe by email using the form below. Stikeman Elliott Law Firm: CSA eliminate certain disclosure requirements for venture issuers Posted on April 10, Executive Compensation Disclosure Venture issuers will now have the option to use a new Form F6V Statement of Executive Compensation — Venture Issuers that varies from the requirements of Form F6 as follows: The number of individuals for whom disclosure is required is reduced from a maximum of five stock to a maximum of three individuals. Disclosure is now required for the CEO, the CFO and one additional executive tsxv. Only two years of executive compensation disclosure rather than three years is now required stock venture issuers. There is no longer a requirement to calculate and disclose the grant date fair value of stock options and other share-based awards in the summary compensation table. Instead, venture issuers are required to disclose certain particulars about stock options and other equity-based awards issued, held and exercised. Amendments to NI Audit Committees Venture issuers are now required to have an audit committee of at least three persons with the majority of options audit committee prohibited from being executive officers, employees or control persons of the issuer. Tsxv to NI General Prospectus Requirements Venture issuers are also provided with additional relief from certain prospectus requirements. Trackbacks 0 Links to blogs that reference this article Trackback URL http: Comments 0 Read through and enter the discussion with the form at the end. About Us A leading Canadian business law firm, Stikeman Elliott LLP has lawyers in options offices across Canada as well as More Subscribe Add this blog to your feeds or subscribe by email using the form below. Links Stikeman Elliott LLP Options. 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In the follow-up step the effectiveness of the training programme is assessed.