Shell says Canadian securities regulators have granted it conditional relief from a separate set of Canadian oil-and-gas disclosure requirements, allowing it to use disclosures prepared under its US reporting framework instead.
The company announced the relief on October 16, following its acquisition of ARC Resources in September. That transaction made Shell a reporting issuer in Canada and brought additional continuing disclosure obligations.
The exemption concerns National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook. Subject to continuing compliance with the decision’s conditions, Shell will not have to submit the instrument’s reserves statement and related forms with its annual Canadian filings.
In their place, it may provide oil-and-gas disclosures meeting the applicable US securities-law, Securities and Exchange Commission and New York Stock Exchange requirements.
That does not remove the Canadian filing obligation altogether. Shell must place those disclosures on SEDAR+ as soon as practicable after filing them with the SEC. The company’s announcement describes relief from specified requirements, not a blanket exemption from Canadian securities law.
