The update regulates disclosure obligations for equity securities and voting interests, including derivative instruments tied to shares, which directly aligns with the Equities category's focus on equity trading, settlement, and related regulatory frameworks.
Mandatory inheritance: Equities as the primary tag requires Investment Services as the secondary tag, reflecting the asset-management and investment disclosure dimension of continuous disclosure obligations.
Specialism
The update proposes amendments to continuous disclosure obligations for securities holdings and derivative interests, which are core regulatory reporting requirements under securities law.
Mandatory inheritance: Regulatory Reporting is a child of Supervision, so Supervision must be raised as the secondary tag.
2026-05-15 16:13:20·ataylor@vixio.com
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TITLE: British Columbia Securities Commission Proposes Amendments to Continuous Disclosure Obligations Instrument
BODY:
The British Columbia Securities Commission (BCSC) has proposed amendments to National Instrument 51-102 Continuous Disclosure Obligations to enhance disclosure requirements related to economic exposure and derivative interests in voting securities.
The proposed amendments introduce new definitions aligned with existing National Instruments, including "economic exposure," "equity equivalent derivative," and "related financial instrument." These terms will standardise terminology across securities regulations.
Key changes include modifications to Form 51-102F5 Information Circular, specifically Item 6, which is retitled from "Principal Holders of Voting Securities" to "Interests Affecting Economic Exposure." The amendments expand disclosure obligations for non-management solicitations by requiring disclosure of:
- The number and percentage of voting securities beneficially owned, controlled or directed by persons or companies making solicitations and their affiliates
- Material terms of related financial instruments involving voting or equity securities, including equity equivalent derivatives, and their impact on economic exposure
- The date interests in related financial instruments were acquired
- Ability to obtain or direct voting of securities held by counterparties
- Descriptions of relationships between soliciting parties and counterparties that could reasonably be perceived to affect voting or trading decisions
Additional amendments address agreements, arrangements or understandings that alter economic exposure where disclosure is not otherwise required, along with corresponding relationship disclosures.
The amendments also modify Form 51-102F2 Annual Information Form to reflect the expanded Item 6 disclosure requirements and update cross-references within the continuous disclosure framework.
The effective date for these amendments will be determined upon final approval.
ANNEX C Proposed Amendments to National Instrument 51-102 Continuous Disclosure Obligations 1. National Instrument 51-102 Continuous Disclosure Obligations is amended by this Instrument. 2. Section 1.1 is amended in subsection (1) by adding the following definitions: “economic exposure” has the same meaning as in National Instrument 55-104 Insider Reporting Requirements and Exemptions;; “equity equivalent derivative” has the same meaning as in National Instrument 62-104 Take- Over Bids, Issuer Bids and the Early Warning System;; “related financial instrument” has the same meaning as in National Instrument 55-104 Insider Reporting Requirements and Exemptions;. 3. Section 9.2 is amended in paragraph (4)(c) by replacing subparagraph (ii) with the following: (ii) the information required under item 2, sections 3.2, 3.3 and 3.4 of item 3, paragraphs (b) and (d) of item 5 and section 6.6 of item 6 of Form 51-102F5 Information Circular,. 4. Form 51-102F2 Annual Information Form is amended in section 18.1 of Item 18 (a) under “Form 51-102F5 Reference” by replacing “Item 6 – Voting Securities and Principal Holders of Voting Securities” with “Item 6 – Voting Securities and Interests Affecting Economic Exposure”, and (b) under “Modification” opposite “Item 6 – Voting Securities and Interests Affecting Economic Exposure” by replacing “Do not include the disclosure specified in sections 6.2, 6.3 and 6.4.” with “Do not include the disclosure specified in sections 6.2, 6.3, 6.4, 6.6, 6.7 and 6.8.”. 5. Form 51-102F5 Information Circular is amended (a) in Item 6 in the heading by replacing “Principal Holders of Voting Securities” with “Interests Affecting Economic Exposure”, (b) by adding the following items: 6.6 If the solicitation is made other than by or on behalf of management of the company, state the number and the percentage of each class of voting securities of the company beneficially owned, or controlled or directed, directly or indirectly, by, and the name of, each (a) person or company by which, or on whose behalf, the solicitation is made, and (b) affiliate of each person or company referred to in paragraph (a). 6.7 If the solicitation is made other than by or on behalf of management of the company, disclose, for each person or company referred to in section 6.6 that has an interest in, or right or obligation associated with, a related financial instrument involving voting or equity securities of the company, including, for greater certainty, an equity equivalent derivative, the following: (a) the material terms of the related financial instrument and its impact on the person or company’s securityholdings in, and economic exposure to, the company; (b) the date the interest in, or the right or obligation associated with, the related financial instrument was acquired; (c) whether the person or company has the ability, formally or informally, to obtain the voting or equity securities or to direct the voting of voting securities held by a counterparty to the related financial instrument; (d) a description of any past or present relationship between the person or company and a counterparty to the related financial instrument, or an affiliate of the counterparty, including, for greater certainty, the name of the counterparty and, if applicable, the affiliate, that, to a reasonable person, could be perceived to affect that counterparty’s decision to acquire, dispose of or vote securities of the company, or, if there is no such relationship, a statement to that effect. 6.8 If the solicitation is made other than by or on behalf of management of the company, disclose, for each person or company referred to in section 6.6 that is a party to an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the economic exposure of that person or company to the company and for which disclosure is not otherwise required under section 6.7, the following: (a) the material terms of the agreement, arrangement or understanding and its impact on the person or company’s economic exposure to the company; (b) the date of the agreement, arrangement or understanding; (c) a description of any past or present relationship between the person or company and a counterparty to the agreement, arrangement or understanding, or an affiliate of the counterparty, including, for greater certainty, the name of the counterparty and, if applicable, the affiliate, that, to a reasonable person, could be perceived to affect that counterparty’s decision to acquire, dispose of or vote securities of the company, or, if there is no such relationship, a statement to that effect., and (c) in Item 7 in paragraph 7.1(e) by replacing “if a director” with “If a director”. 6. (1) This Instrument comes into force on [x]. (2) In Saskatchewan, despite subsection (1), if these regulations are filed with the Registrar of Regulations after [x], these regulations come into force on the day on which they are filed with the Registrar of Regulations.