On August 20, 2020, the Canadian Securities Administrators (CSA) published amendments (Amendments) to the business acquisition report (BAR) requirements for non-venture reporting issuers. Currently, such issuers must file a BAR after an acquisition if any of the significance tests set out in National Instrument 51-102 - Continuous Disclosure Obligations (NI 51-102) exceeds 20%.
To reduce the regulatory burden for issuers, the Amendments:
Narrow the circumstances under which a BAR must be filed to transactions where at least two of those significance tests are triggered; and
Raise the significance threshold to 30%.
The CSA expects the Amendments to take effect on November 18, 2020.
DISCLAIMER: This post is intended to convey general information about legal issues and developments as of the date above. It does not constitute legal advice and must not be treated or relied on as such.