NoticeSep 20, 2004
Notice 2004-007 -Revised MD&A in Listing Statement
September 17, 2004
REVISED MANAGEMENT�S DISCUSSION AND ANALYSIS (�MD&A�) IN THE LISTING STATEMENT (FORM 2A)
On August 26, 2004, the Board of Directors of Canadian Trading and Quotation System Inc. (�CNQ�) approved amendments to CNQ�s Listing Statement.
Earlier this year, the Canadian Securities Administrators adopted National Instrument 51-102 Continuous Disclosure Obligations (�NI-51-102�). As part of an updating generally of continuous disclosure obligations of reporting issuers, new MD&A obligations were imposed. These are incorporated by reference into the requirements for a long form prospectus.
As the CNQ Listing Statement is intended to track the prospectus requirements, it must be amended to reflect any changes in those requirements. Because the only changes to the Listing Statement are those necessary to conform to the new requirements, which are the same requirements that currently apply to all CNQ Issuers pursuant to NI 51-102, the CNQ Board considers these to be �housekeeping� amendments (as defined in its recognition order from the Ontario Securities Commission) and has not published them for comment. The amendments are effective immediately. In order to accommodate listing applicants and their advisors who may have filed or be currently preparing a Listing Statement using the existing form, use of the revised Listing Statement will be optional until October 31, 2004. As of November 1, 2004, all Listing Statements filed with or accepted by CNQ must contain the new MD&A disclosure.
The CSA revised the MD&A to clarify its purpose. Some of the significant changes from the current Listing Statement disclosure requirements are the following:
The MD&A has been revised to provide additional guidance for resource issuers when they are discussing the results of their operations.
The new MD&A requirements are attached as Appendix �A�. Because the language has been substantially changed throughout (to conform to the prospectus requirements), they have not been blacklined against the existing requirements as such blacklining would not be easily understandable.
Please direct any questions to Mark Faulkner, Director, Listings & Regulation at 416.572.2000 x2305 or Timothy Baikie, General Counsel & Corporate Secretary at 416.572.2000 x2282 ([email protected]).
The complete text of the revised MD&A is available by clicking the following link:
REVISED MANAGEMENT�S DISCUSSION AND ANALYSIS (�MD&A�) IN THE LISTING STATEMENT (FORM 2A)
On August 26, 2004, the Board of Directors of Canadian Trading and Quotation System Inc. (�CNQ�) approved amendments to CNQ�s Listing Statement.
Earlier this year, the Canadian Securities Administrators adopted National Instrument 51-102 Continuous Disclosure Obligations (�NI-51-102�). As part of an updating generally of continuous disclosure obligations of reporting issuers, new MD&A obligations were imposed. These are incorporated by reference into the requirements for a long form prospectus.
As the CNQ Listing Statement is intended to track the prospectus requirements, it must be amended to reflect any changes in those requirements. Because the only changes to the Listing Statement are those necessary to conform to the new requirements, which are the same requirements that currently apply to all CNQ Issuers pursuant to NI 51-102, the CNQ Board considers these to be �housekeeping� amendments (as defined in its recognition order from the Ontario Securities Commission) and has not published them for comment. The amendments are effective immediately. In order to accommodate listing applicants and their advisors who may have filed or be currently preparing a Listing Statement using the existing form, use of the revised Listing Statement will be optional until October 31, 2004. As of November 1, 2004, all Listing Statements filed with or accepted by CNQ must contain the new MD&A disclosure.
The CSA revised the MD&A to clarify its purpose. Some of the significant changes from the current Listing Statement disclosure requirements are the following:
- Selected annual information disclosure, which is primarily financial disclosure that shows investors trends in the issuer�s operations, is now required. CNQ Issuers that prepared Annual Information Forms previously made such dislcosure in their AIF.
- Under the liquidity discussion, issuers must now also discuss lease payments.
- Issuers must discuss off-balance sheet arrangements. The description is consistent with the SEC�s description of off-balance sheet arrangements.
The new MD&A requirements are attached as Appendix �A�. Because the language has been substantially changed throughout (to conform to the prospectus requirements), they have not been blacklined against the existing requirements as such blacklining would not be easily understandable.
Please direct any questions to Mark Faulkner, Director, Listings & Regulation at 416.572.2000 x2305 or Timothy Baikie, General Counsel & Corporate Secretary at 416.572.2000 x2282 ([email protected]).
The complete text of the revised MD&A is available by clicking the following link:
Related Downloadable Files
| 2004-007 Revised MDA | |
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Revised MD&A in the Listing Statement |
