The Securities Commission has granted Exxon Mobil Corporation an exemption from the requirements of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101). The exemption is based on the fact that less than 10% of Exxon Mobil’s securities are beneficially owned by Canadian residents, and the company is a U.S. issuer and an SEC foreign issuer. The exemption is conditional upon Exxon Mobil complying with the oil and gas disclosure requirements of the SEC and the NYSE, issuing a news release in Canada to this effect, and filing such disclosures with the securities regulatory authority in the reporting jurisdictions. The relevant laws underpinning the outcome include National Instrument 51-101, Multilateral Instrument 11-102 Passport System, and National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers.
