What is a Material Fact or Change? A material fact is a fact that, if disclosed, would reasonably be expected to have a significant effect on the market price or value of the securities of the issuer in question. A material change is a change in the business, operations or capital of the issuer that, if disclosed, would be expected to have the same effect. What constitutes a material fact or change will depend on context. Common examples include take-overs or other corporate changes, and loss of key personnel. Material facts and changes can also be specific to an issuer’s business. For example, a change in forecasted weather patterns could constitute a material fact for an issuer whose business is seasonal, while information about resource tests could constitute a material fact for a resource company. In monetary terms, the threshold required for a change or fact to be material will generally be proportionate to the size of the issuer (i.e., the threshold will be larger for a larger issuer).