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51-102, Continuous Disclosure Obligations

Effective date:

January 14, 2016, except for subsequent amendments.

Published by CSA:

March 11, 2005

Reach out to our 51-102 Specialist

Alexia Donoghue

Deanne Kennedy

Julia Suk


This Instrument sets out the obligations of reporting issuers, other than investment funds, with respect to their continuous disclosure obligations.

Recent developments




November 29, 2012

Consequential amendments

These amendments were made to improve communications between reporting issuers and their shareholders in the proxy voting process.

July 17, 2014

Consequential amendments

These amendments result from revised NI 52-108, Auditor Oversight, which alters the ‘triggers’ for when an audit firm must notify securities regulators about significant remedial actions imposed on the firm by the Canadian Public Accountability Board.

April 9, 2015

Amendments to streamline and tailor disclosure by venture issuers

These amendments are intended to make the disclosure requirements for venture issuers more suitable and manageable for issuers at their stage of development. The Amendments address continuous disclosure and governance obligations as well as disclosure for prospectus offerings.

September 3, 2015


The definition of "venture issuer" is amended to recognize "Aequitas NEO Exchange Inc." as a senior exchange.

The amendments are effective on November 17, 2015.

January 14, 2016

Updated version of CSA Staff Notice 52-306 (Revised), Non-GAAP Financial Measures published

Updated version of CSA Staff Notice 52-306 (Revised), Non-GAAP Financial Measures provides revised guidance on the use of non-GAAP financial measures aimed at ensuring that information disclosure by issuers does not mislead investors.

Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects.

For further details on the history of this Instrument, please refer to the OSC’s Web site.

Amendments under consideration

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.