National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- early adoption of the revised definition of "product types" contained in recent amendments to NI 51-101 that will become effective on July 1, 2015.
Applicable Legislative Provisions
Securities Act, R.S.O. 1990, c. .5, as am.
National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.
Citation: Re Encana Corporation , 2015 ABASC 537
January 21, 2015
IN THE MATTER OF THE SECURITIES LEGISLATION OF ALBERTA AND ONTARIO (THE JURISDICTIONS) AND IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS AND IN THE MATTER OF ENCANA CORPORATION (THE FILER)
The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) which would:
(a) exempt the Filer from using the definition of "product type" (the Existing Definition) contained in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) provided that the Filer uses the definition of "product type" (the New Definition) contained in the amendments to NI 51-101 published by the securities regulatory authority in each of the jurisdictions of Canada on December 4, 2014 that are anticipated to come into force on July 1, 2015 (collectively, the NI 51-101 Amendments); and
(b) exempt the Filer from using the Existing Definition provided that the Filer uses the New Definition in the preparation of all of its disclosure relating to its oil and gas activities subject to NI 51-101.
(collectively, the Exemption Sought).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):
(a) the Alberta Securities Commission is the principal regulator for this application;
(b) the Filer has provided notice that Section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of British Columbia, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon and Nunavut; and
(c) this decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.
Terms defined in National Instrument 14-101 Definitions, MI 11-102 or NI 51-101 have the same meanings if used in this decision, unless otherwise defined herein.
This decision is based on the following facts represented by the Filer:
1. The Filer is incorporated under the Canada Business Corporations Act and its executive and registered offices are located in Calgary, Alberta.
2. The Filer is engaged in the business of the acquisition, development, production and marketing of natural gas, oil and natural gas liquids. The Filer holds a portfolio of oil and natural gas properties in Canada and the United States of America.
3. The Filer is a reporting issuer in all provinces and territories of Canada and is not, to its knowledge, in default of its obligations as a reporting issuer under the securities legislation of any of the jurisdictions in which it is a reporting issuer. The Filer is also a registrant under U.S. federal securities law.
4. The Filer prepares disclosure with respect to its oil and natural gas activities in accordance with NI 51-101.
The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted.
This decision will terminate on the effective date on which the NI 51-101 Amendments come into force or the date on which the securities regulatory authority announces that the NI 51-101 Amendments will not be implemented.