The proposed new self-certified investor prospectus exemption would allow investment by investors who certify to having certain financial and investing experience and education, and acknowledge certain investment considerations and risks. To reduce the risks to investors, investments would be limited in a 12-month period to $10,000 in any one business and $30,000 across multiple businesses.

Details of the proposal are set out in CSA Multilateral Notice 45-327 Proposed Prospectus Exemption for Self-Certified Investors available on the websites of the ASC and the FCAA. The comment period for the proposed new prospectus exemption is open until December 23, 2020.

Review the press release on the ASC's website.

The report provides issuers with guidance on trends and issues identified during compliance reviews. Key areas of focus in fiscal 2020 included MD&A disclosure, mining technical reports, the use of non-GAAP financial measures, forward-looking information and executive compensation. The report also outlines the Branch’s operational and policy work.

In addition, the report provides an update on the progress made on reducing burden for issuers, a key focus for the OSC. To date, eight of the 13 burden reduction recommendations for issuers have been completed and many of the remaining recommendations are on target for their estimated completion date. Key recommendations completed in 2020 include a program that allows issuers to file an entire prospectus confidentially for staff review and the adoption of a pre-filing review for mining reporting issuers seeking staff views on certain technical disclosure documents.

Review the press release and OSC Staff Notice 51-731 Corporate Finance Branch 2020 Annual Report on the OSC's website.

The podcast can be accessed on the Accountancy Europe website.

Please click to access the review through the press release on the FRC website.

The report outlines common deficiencies and provides examples of how to improve disclosure on select topics including: forward looking information; non-GAAP financial measures; overly promotional disclosure; insider reporting; and mineral project disclosure.

In fiscal 2020, 55 per cent (2019 - 67 per cent) of review outcomes required issuers to take action to improve and/or amend their disclosure, with some issuers being referred to enforcement, cease-traded or placed on the default list.

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

Please click to access the publication through the press release on the WBCSD website.

Review the report on the CSA's website.

After presenting a profile of companies for which the AMF is the principal regulator, the summary outlines the outcomes of reviews of continuous disclosure documents and prospectuses filed by the companies. The summary also presents findings of reviews relating to AMF regulations and the guidance set out in international financial reporting standards.

In a spirit of openness and transparency, the summary also provides the market with information on the representation of women on boards and in executive officer positions and ongoing regulatory initiatives relating to company financing and continuous disclosure requirements.

The last part of the summary describes the many innovations that have been implemented by the AMF over the past year—particularly in response to the pandemic, which has had an impact on company disclosures and their analysis.

Review the press release and report on the AMF's website.

The proposed amendments set out new disclosure requirements for issuers that are engaged in “real estate activities” or issuers that are “collective investment vehicles”. These include a new requirement for issuers with real estate activities to provide an independent appraisal of the real property, if it discloses a value for the real property other than in its financial statements, will use a material amount of the proceeds to acquire an interest in real property, or acquire an interest in real property from a related party. It is proposed that issuers that are collective investment vehicles will need to provide better disclosure to investors about the issuer’s investment decision-making process and the composition and performance of the issuer’s portfolio.

Many issuers using the offering memorandum prospectus exemption are issuers that would meet these proposed definitions, and some already provide disclosure that would meet the proposed requirements. The new requirements are intended to set out a clearer framework for these issuers, giving them greater certainty as to what they must disclose, while giving investors more complete and relevant information.

In addition, the proposed amendments include a number of general amendments, which are meant to clarify or streamline parts of NI 45-106 or improve disclosure for investors.

The CSA Notice and Request for Comment setting out the proposed amendments can be found on the websites of CSA members. Comments should be submitted in writing by December 16, 2020.

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

This consultation supports OSFI's strategic objective to ensure that federally-regulated financial institutions and pension plans are better prepared to identify and develop resilience to non-financial risks before they negatively affect their financial condition. While technology is a key enabler for financial institutions and financial consumers, its widespread use and rapid adoption can pose risks in many different areas of the business if not properly understood and managed.

Understanding the financial sector's use of technology and how technology risks are managed is central to this consultation. OSFI's discussion paper focuses on the risk areas of cyber security, advanced analytics (artificial intelligence and machine learning), and the use of third party services such as cloud computing.

OSFI is seeking feedback from a wide range of stakeholders including financial sector participants, technology experts, and academics. Their input will help guide OSFI's regulatory and supervisory approaches to technology risks that meet our mandate of protecting depositors, policyholders and private pension plan beneficiaries while allowing institutions to compete and take risks.

Review the press release on the OSFI's website.