On September 8, 2011 and September 28, 2012, we published two bulletins outlining the CSA’s proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issues (NI 51-103). On July 25, 2013, the CSA released CSA Notice 51-340 Update on proposed NI 51-103, in which the CSA reports that after reviewing comments received and further consideration, they have determined not to pursue the implementation of proposed NI 51-103. The CSA noted that a common theme among commenters was that they believed the proposed NI 51-103 would place additional burdens on venture issuers, both in terms of transition to a new regime and with respect to some of the new disclosure obligations imposed (i.e., mandatory annual report). Despite deciding not to pursue the implementation of NI 51-103, the CSA have indicated that they are considering implementing some of the proposals within the proposed NI 51-103 as amendments to the existing regulatory regime for venture issuers. As a result, proposed NI 51-103 may still have some life. Stay tuned!