The British Columbia Securities Commission (the "BCSC") recently announced that it will lead a project launched by the Canadian Securities Administrators to review and revise National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The BCSC has listed the following as potential areas of consideration:
- reducing the regulatory burden of consents of qualified persons;
- reducing qualified person’s liability and responsibility for issuer disclosure;
- reassessing technical report triggers to make sure we have the right ones;
- creating broader and more flexible rules for disclosing previous resource and reserve estimates;
- fixing perceived disclosure irregularities such as:
- economic analyses of exploration targets and historical estimates; and
- first time disclosure of resources, reserves and preliminary assessments on websites and third party reports;
- introducing a separate form of technical report for advanced mineral projects; and
- updating accepted foreign professional associations.
This review is a significant opportunity for the industry to have input into future changes to NI 43-101. We strongly encourage you to take advantage of this opportunity and to provide the BCSC with feedback on your experience working with NI 43-101 over the last eight years as your comments and advice are critical to the development and evolution of NI 43-101. Interested parties have until April 30, 2009 to provide the BCSC with any comments or concerns about, or suggestions for revisions of, NI 43-101 and may do so by emailing the BCSC at NI43email@example.com.