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Canadian securities regulators publish results of continuous disclosure reviews for fiscal 2016

  • Securities - CSA Image

Jul 18, 2016

On July 18, 2016, the Canadian Securities Administrators (CSA) published Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016, which summarizes the results of the CSA’s continuous disclosure (CD) review program, highlights common deficiencies and illustrates best practices for reporting issuers.

Overall, 62 per cent of review outcomes required issuers to take action to improve and/or amend their disclosure, or resulted in the issuer being referred to enforcement, cease traded or placed on the default list. This represents a slight increase from 59 per cent in fiscal 2015.

In fiscal 2016, CSA Staff noted disclosure deficiencies in a number of areas, including but not limited to:

  • use of non-GAAP financial measures;
  • liquidity and capital resources;
  • discussion of operations by venture issuers without significant revenues;
  • material contracts; and
  • disclosure required by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

Review the Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016 on the OSC's website.

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