OSC Clarifies Expectations Regarding Corrective Disclosure
Mar 08, 2018
On March 8, 2018, the Ontario Securities Commission (OSC) released revised OSC Staff Notice 51-711 (Revised) "Refilings and Corrections of Errors" to clarify and expand on its expectations with respect to amendments to an issuer’s continuous disclosure record, website or social media to comply with continuous disclosure requirements.
These types of amendments are generally referred to as “corrective disclosure” and include the following:
- Restatement and refiling of financial statements;
- Amending and refiling previously filed continuous disclosure documents;
- Filing documents that were to have been previously filed; and
- Clarifying or removing website or social media content.
Review the Staff Notice on the OSC's website and a summary on Stikeman Elliott's website.
