On August 20, the Canadian Securities Administrators (CSA) published final 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. If you have questions about the BAR requirements, please do not hesitate to contact us.
August 31, 2020