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711666on Jul 22, 2006 7:34pm
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NATIONAL POLICY 51-201 DISCLOSURE (dangert)
NATIONAL POLICY 51-201 DISCLOSURE (dangert)dangert Quote: "they have a year to disclose information."
I SAY YOUR FULL OF SHETT!
If you can support what you say with accessable documentation, an apology will be forth coming! IF NOT FLOCK OFF A-HOLE
MY SOURCE SAYS YOUR WRONG!
https://www.bcsc.bc.ca/uploadedFiles/NP51-201.pdf
NATIONAL POLICY 51-201 DISCLOSURE STANDARDS
PART II - TIMELY DISCLOSURE
2.1 Timely Disclosure: (1) Companies are required by law to immediately disclose a
“material change”1 in their business. For changes that a company initiates, the change
occurs once the decision has been made to implement it. This may happen even before a
company’s directors approve it, if the company thinks it is probable they will do so. A
company discloses a material change by issuing and filing a press release describing the
1 Securities legislation defines the term material change as “a change in the business, operations or
capital of the issuer that would reasonably be expected to have a significant effect on the market price
or value of any of the securities of the issuer and includes a decision to implement such a change made
by the board of directors of the issuer by senior management of the issuer who believe that confirmation
of the decision by the board of directors is probable”. The Québec Securities Act does not define the
term “material change” and provides that “where a material change occurs that is likely to have a
significant influence on the value or the market price of the securities of a reporting issuer and is not
generally known, the reporting issuer shall immediately prepare and distribute a press release disclosing
the substance of the change”. See also Pezim v. British Columbia (Superintendent of Brokers), [1994]
2 S.C.R. 557, where the Supreme Court held that a change in assay and drilling results was a material change in the company’s assets.
change. A company must also file a material change report as soon as practicable, and no
later than 10 days after the change occurs. This policy statement does not alter in any
way the timely disclosure obligations of companies.
2.2 Confidentiality: (1) Securities legislation permits a company to delay disclosure of a
material change and to keep it confidential temporarily where immediate release of the
information would be unduly detrimental to the company’s interests.2 For example,
immediate disclosure might interfere with a company’s pursuit of a specific objective or
strategy, with ongoing negotiations, or with its ability to complete a transaction. If the
harm to a company’s business from disclosing outweighs the general benefit to the
market of immediate disclosure, withholding disclosure is justified. In such cases a
company may withhold public disclosure, but it must make a confidential filing with the
securities commission.3 Certain jurisdictions also require companies to renew the
confidential filing every 10 days should they want to continue to keep the information
confidential.
(2) We discourage companies from delaying disclosure for a lengthy period of time as it
becomes less likely that confidentiality can be maintained beyond the short term.