Canadian securities regulators consider impact of international developments on proposed climate-related disclosure rule

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Oct 12, 2022

On October 12, 2022, the Canadian Securities Administrators (CSA) issued a press released stating that they are actively considering international developments and how they may impact or further inform the proposed climate-related disclosure rule published in October 2021.

The ongoing assessment of key international climate-related rule proposals is intended to inform a CSA rule that serves the needs of Canadian capital markets, has considered international consensus, responds to Canadian investor needs, and reflects the realities of Canadian issuers.

Since publication of the CSA’s proposed climate-related disclosure rule, important international developments have occurred. In March 2022, the United States Securities and Exchange Commission (SEC) proposed amendments to rules that would require registrants to provide certain climate-related information in their registration statements and annual reports. The International Sustainability Standards Board (ISSB) also published a proposed general standard for the disclosure of sustainability-related financial information as well as a proposed specific climate-related disclosure standard.  

In addition, while the CSA, SEC and ISSB proposals are all largely based on TCFD recommendations, some substantive differences exist. The CSA is analyzing the key differences and will continue to monitor the evolution of these proposals.

Review the press release on the CSA's website.

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