The Canadian Securities Administrators is implementing amendments to the national rule that sets standards of disclosure for oil and gas activities.

The CSA adopted the rule, National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101), in September 2003. It sets out the annual filing requirements for reporting issuers who are involved in oil and gas activities and the general disclosure standards for reporting issuers who are reporting on their oil and gas activities.

That rule is being amended to clarify some provisions; to remove or amend certain requirements that were determined to be burdensome; to provide new guidelines for disclosure of resources that cannot currently be classified as reserves; and, to streamline requirements in the rule.

The proposed amendments were published for comment on January 19. The CSA received 13 submissions. As a result, the CSA made changes to the amendments, but they are not deemed material.

Provided all necessary ministerial approvals are obtained, the amendments will come into force on December 28.