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2020

Be Prepared: Building Resilience for Today and the Future

Jan 07, 2020

On January 7, 2020, the Office of the Superintendent of Financial Institutions (OSFI) released a speech given by Jamey Hubbs, Assistant Superintendent, Deposit-Taking Supervision Sector, at the 2020 RBC Capital Markets Canadian Bank CEO Conference.

For OSFI, being ready means having a clear plan and last year we publicly released the OSFI Strategic Plan for 2019-2022. The plan sets out a framework for our work; it provides a vision for the future; confirms our purpose and values; and sets clear objectives. It identifies issues and challenges that require a response so OSFI can continue to perform its important role in keeping Canada’s financial system strong and resilient.

Review the full speech on the OSFI's website.

Canadian securities regulators announce consultation on an access equals delivery model for public companies

Jan 09, 2020

On January 9, 2020, the Canadian Securities Administrators (CSA) published CSA Consultation Paper 51-405 “Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers” (the consultation paper), which solicits views on the appropriateness of introducing an “access equals delivery” model in the Canadian market. Under this model, delivery of a document would be effected by the issuer alerting investors that the document is publicly available on the System for Electronic Document Analysis and Retrieval (SEDAR) and the issuer’s website.

The consultation paper provides an overview of current delivery requirements under securities legislation and describes the CSA’s proposed access equals delivery model. Additionally, the paper discusses similar models that have been implemented in other jurisdictions. The CSA is seeking comment on, among other things, the scope and mechanics of access equals delivery, including the types of documents that could be covered by the model. Comments should be submitted in writing by March 9, 2020.

Review the press release and consultation paper on the CSA's website.

Canadian securities regulators release detailed data from review of women on boards and in executive officer positions

Jan 23, 2020

On January 23, 2020, the securities regulatory authorities in Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan (the participating jurisdictions) published the underlying data used to prepare CSA Multilateral Staff Notice 58-311 Report on "Fifth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions", published on October 2, 2019.

This was the fifth consecutive annual review of disclosure related to women on boards and in executive officer positions conducted by the participating jurisdictions. 

The data was compiled from public documents filed on SEDAR and includes the name, industry and year-end of the 641 non-venture issuers who were included in the review sample. These issuers had year-ends between December 31, 2018 and March 31, 2019, and filed information circulars or annual information forms by July 31, 2019.

Review the press release on the CSA's website and the data on the the OSC's website.

Canadian securities regulators seek additional comment on proposed rule for Non-GAAP and other financial measures

Feb 13, 2020

On February 13, 2020, the Canadian Securities Administrators (CSA) published a second notice and request for comment on revisions to a proposed rule for Non-GAAP and Other Financial Measures (the proposed rule). The rule would establish disclosure requirements for issuers that disclose non-GAAP and other financial measures, which often lack standardized meanings, resulting in potentially misleading disclosure.

Following stakeholder consultation, the CSA has made substantive changes to the proposed rule that: 

  • Limit the application to certain issuers;
  • Exempt certain disclosures, financial measures and documents;
  • Narrow the scope of what is considered a non-GAAP financial measure; and
  • Reduce and simplify disclosures.

The proposed rule was originally published for comment on September 6, 2018 and would replace Staff Notice 52-306 (Revised) Non-GAAP Financial Measures. The CSA conducted 38 outreach sessions across seven Canadian cities and reviewed 42 comment letters from issuers, investors, accounting firms, standard setters, industry associations and law firms.

Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (the Proposed Instrument) and a revised version of proposed Companion Policy 52-112 Non-GAAP and other Financial Measures Disclosure (the Proposed Companion Policy) are available on CSA members’ websites. Comments should be submitted in writing by May 13, 2020.

Review the press release and notice on the CSA's website.

Canadian securities regulators publish additional guidance for entities facilitating the trading of crypto assets

Jan 16, 2020

On January 16, 2020, the Canadian Securities Administrators (CSA) published Staff Notice 21-327 "Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets", to help these entities to determine situations where securities legislation may or may not apply.

The notice describes situations where securities legislation will and will not apply. For example, securities legislation may apply to platforms that facilitate the buying and selling of crypto assets that are commodities, because the user’s contractual right to the crypto asset may itself constitute a derivative, a security or both.

The relevant determination will depend on the facts and circumstances, including the obligations and intention to provide immediate delivery of the crypto asset. The notice provides guidance on what constitutes immediate delivery, together with a detailed example of a situation where securities legislation does not apply.

Review the press release on the CSA's website and the Staff Notice on the OSC's website.

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