Standard of disclosure reports ‘unacceptable’ – OSC
TORONTO (miningweekly.com) – The Ontario Securities Commission (OSC) on Thursday said a review of 50 technical reports filed by Ontario mining issuers, had found an “unacceptable” level of noncompliance with recent revisions to the National Instrument 43-101 standards of disclosure for mineral projects, with 80% of the reports having some form of noncompliance with the disclosure requirements.
Of the reviewed reports, 40% had at least one significant noncompliance concern.
The OSC undertook the compliance review of technical reports to assess whether they complied with the new rules established by the Canadian Securities Administrators on June 30, 2011.
"Technical reports are fundamental disclosure documents and ensuring compliance among mining issuers is critical. It is important that investors have accurate and meaningful information about material mineral properties in order to make informed investment decisions,” OSC corporate finance director Huston Loke said.
The OSC said its staff would continue to monitor the technical reports filed by Ontario mining issuers as part of its continuous disclosure review programme and would take regulatory action as appropriate where securities requirements were not met.
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