The findings summarize the corporate governance disclosures of 625 non-venture issuers and have been published by securities regulatory authorities in Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Quebec, Saskatchewan and Yukon (the participating jurisdictions).

Key highlights of the findings:

• Twenty-four per cent of board seats are held by women, an increase of two per cent since last year.
• The percentage of board vacancies filled by women increased 10 per cent – from 35 per cent last year to 45 per cent this year.
• Eighty-seven per cent of issuers have at least one woman on their board, an increase of five per cent since last year.
• Thirty per cent of issuers have at least three women on their board, an increase of six per cent since last year.
• Seven per cent of issuers have a woman chairing their board.

Review the press release and report.

In Ontario, most of the capital raised from individuals under prospectus exemptions is raised using the accredited investor exemption. While many investors have the proficiency, through education or relevant industry experience, to understand the risks and rewards of investing without a prospectus, some do not meet the accredited investor financial criteria. Additionally, they may not meet the criteria for other prospectus exemptions, such as the employee prospectus exemption.

To make use of this prospectus exemption, investors must certify that they have met at least one qualifying criteria and review and complete a risk acknowledgment form confirming they understand the risks of investing. Investors will also be subject to a $30,000 annual limit on all purchases and can choose to allocate that amount to one or multiple issuers. 

Issuers must report the use of the self-certified prospectus exemption by filing reports of exempt distribution. The OSC will use this data to monitor the use of the prospectus exemption and to inform future policymaking.

Review the press release and prospectus exemption on the OSC's website.

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.

The Listed Issuer Financing Exemption will reduce costs for issuers raising smaller amounts of capital through the public markets. It will also allow smaller issuers greater access to retail investors and provide retail investors with a broader choice of investments.

The prospectus exemption will be available to issuers that have been a reporting issuer in a Canadian jurisdiction for at least 12 months and have filed all continuous disclosure documents required under Canadian securities legislation. Eligible issuers will need to file a short offering document.

Issuers using this exemption may annually raise up to the greater of $5 million or 10 per cent of the issuer’s market capitalization, to a maximum of $10 million. Securities issued under the exemption will be freely tradeable.

Provided all necessary Ministerial approvals are obtained, the amendments will come into force on November 21, 2022.

Review the press release and prospectus exemption on the CSA's website.

The four guidelines, which, like IFRS 17, will come into effect on January 1, 2023, are as follows:

• Guideline on Capital Adequacy Requirements – Life and Health Insurance (CARLI);
• Guideline on Capital Adequacy Requirements – Property and Casualty Insurance (MCT);
• Capital Adequacy Requirements Guideline– Self-Regulatory Organizations (MCT – SRO);
• Capital Adequacy Requirements Guideline – Reciprocal Unions (MCT – RU).

IFRS 17 represents a major accounting change for the insurance industry in Québec and elsewhere in Canada and the world. Its implementation will have an impact on insurers’ accounting, actuarial valuation and disclosure practices and on their systems supporting those practices. The guidelines published today reflect the improvements introduced by new standard IFRS 17 in terms of transparency and comparability of risks . The Québec insurance industry, in general, is well-capitalized under the current accounting rules and guidelines and will remain so upon the transition to IFRS 17.

The guidelines are the result of a process carried out with the Office of the Superintendent of Financial Institutions, as well as with insurers and other stakeholders whose input was obtained through numerous consultations, discussions and quantitative impact studies.

As IFRS 17 is a new standard, its impact will only be fully known once its implementation is completed in 2023. Given this, and the current context of higher interest rates and strong stock market volatility, the AMF expects insurers, in accordance with its risk management framework, to act prudently when making decisions that affect their level of capital.

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

The comment period for CSA Consultation Paper 43-401 Consultation on National Instrument 43-101, Standards of Disclosure for Mineral Projects, originally scheduled to end July 13, 2022, will now continue to September 13, 2022.

Re­view the fol­low­ing ad­di­tional in­for­ma­tion:

• Press re­lease
• CSA Con­sul­ta­tion Pa­per 43-401 Con­sul­ta­tion on Na­tional In­stru­ment 43-101 Stan­dards of Dis­clo­sure for Min­eral Pro­jects
• Na­tional In­stru­ment 43-101 Stan­dards of Dis­clo­sure for Min­eral Pro­jects (NI 43-101)

In his speech, he encourages investors to provide input on the draft guidelines in an effort to ensure we get smart and effective regulations relating to climate risk management.

The Office of the Superintendent of Financial Institutions (OSFI) issued a draft version of Guideline B-15: Climate Risk Management. This guideline proposes a prudential framework that is more climate sensitive and recognizes the impact of climate change on managing risk. The draft Guideline sets the stage for OSFI’s expectations of federally regulated financial institutions.

Climate-related risks, including physical and transition risks, could have significant impacts on the safety and soundness of financial institutions, and the broader Canadian financial system. Building financial resilience against intensifying climate-related risks requires institutions to address vulnerabilities in their business model, their overall operations, and ultimately on their balance sheet.

OSFI is also introducing mandatory climate-related financial disclosures aligned with the international Task Force on Climate-related Financial Disclosures (TCFD) framework. These disclosures will incentivize improvements in the quality of the institutions’ governance and risk management practices related to climate. In doing so, this contributes to public confidence in the Canadian financial system by increasing transparency. This also aligns with a commitment made by the federal government to require financial institutions to publish climate disclosures starting in 2024.

Review the press release on the OSFI's website.

The 2022-2023 Annual Risk Outlook describes risks to the financial system ranging from cyber attacks and digital innovation to housing-related considerations, climate change and more. This is not an exhaustive list but rather the risks that OSFI considers most critical. Each risk is viewed through our prudential mandate and is accompanied by the supervisory and regulatory actions that we are taking. A table providing the timing and topics of consultations and guidance is included to help institutions and Canadians know how to best engage with us.

Review the press release on the OSFI's website.

Refinitiv Benchmark Services (UK) Limited (RBSL) is the administrator of CDOR, a domestically important interest rate benchmark. The OSC and the AMF, as co-lead authorities for RBSL and CDOR, previously designated CDOR as a designated benchmark and RBSL as its designated benchmark administrator.

The authorization notices issued by the OSC and the AMF authorize the request by RBSL to cease publication of CDOR after June 28, 2024

On December 16, 2021, the Canadian Alternative Reference Rate Working Group (CARR) published a white paper recommending the discontinuation of CDOR over a two-stage transition period. The findings and recommendation reflect global efforts to reform major interest rate benchmarks, including plans to replace key interbank offered rates with risk-free reference rates.

Following CARR’s recommendation, RBSL issued a public consultation on January 31, 2022, seeking stakeholder feedback on the impact of the discontinuation of CDOR. RBSL published today an outcome statement on the results of its consultation and a notice announcing it will cease publication of CDOR after June 28, 2024.

Review the press release on the OSC's website.

The changes provide additional guidance on the interpretation of primary business including in what situations, and for which time periods, financial statements would be required. They provide guidance on the circumstances when additional information may be necessary for the prospectus to meet the requirement to contain full, true and plain disclosure of all material facts relating to the securities being distributed. The changes also clarify when an issuer can use the optional tests to calculate the significance of an acquisition, and when an acquisition of a mining asset would not be considered an acquisition of a business for securities legislation purposes.

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