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Ontario securities watchdog cuts issuer red tape

In a bid to reduce the time and cost involved in approving offerings from mining companies, the Ontario Securities Commission (OSC) is adopting a new policy of providing mining issuers with pre-filing reviews of their technical disclosure.
Ontario securities watchdog cuts issuer red tape Ontario securities watchdog cuts issuer red tape Ontario securities watchdog cuts issuer red tape Ontario securities watchdog cuts issuer red tape Ontario securities watchdog cuts issuer red tape

The Ontario Securities Commission is reducing red tape for mining issuers

Staff Reporter

Under the new guidelines, mining companies will be able to ask OSC to review their disclosure before they file a prospectus.

The OSC said this week mining companies would be able to ask the regulator to review their disclosure before they filed a prospectus, which should enable firms to identify and rectify any issues that could prevent regulatory approval quicker.

"This initiative will provide greater deal certainty to Ontario mining issuers, helping them avoid potentially costly and disruptive delays in the offering process," said director of corporate finance at the OSC, Sonny Randhawa.

The regulator added mining companies represented the largest segment of Ontario's issuer population.

The new policy is the latest step in the OSC's ongoing effort to reduce regulatory burdens. Last month, it announced a two-year moratorium on certain late filing fees.

The regulator's new burden reduction task force has also hosted a series of public hearings so far this year to identify areas in which it can cut compliance costs, by either changing requirements or altering procedures.