For Immediate ReleaseJuly 17, 2014
Toronto - The Canadian Securities Administrators (CSA) today published Staff Notice 51-341 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2014, which summarizes the results of the CSA’s continuous disclosure (CD) review program.
There are approximately 4,000 active reporting issuers in Canada (excluding investment funds), that are subject to full and issue-oriented reviews as part of the CSA’s ongoing CD review program.
The Staff Notice includes detailed examples of common deficiencies the CSA identified during its review of financial statements, Management’s Discussion and Analysis and other regulatory disclosure. It also provides reporting issuers with practical guidance and suggestions for improving their disclosure.
“The CSA continuous disclosure review program is an important tool in the enhancement of disclosure filings by Canadian reporting issuers,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “High quality disclosure by public companies is paramount to fostering investor confidence and efficient Canadian capital markets.”
The CSA members completed 991 CD reviews in fiscal 2014 (221 full reviews and 770 issue-oriented reviews). The focus of the reviews this year was to primarily obtain more substantive outcomes, including re-filing of CD documents, prospective changes and education and awareness. The outcomes of the reviews are as follows:
CSA Staff Notice 51-341 is available on various CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co‑ordinates and harmonizes regulation for the Canadian capital markets.
Carolyn Shaw-RimmingtonOntario Securities Commission416-593-2361
Mark DickeyAlberta Securities Commission403-297-4481
Richard GilhooleyBritish Columbia Securities Commission604-899-6713
Sylvain ThébergeAutorité des marchés financiers514-940-2176
Kevan HannahManitoba Securities Commission204-945-1513
Michelle RobichaudFinancial and Consumer ServicesCommission, New Brunswick506-643-7045
Tanya WiltshireNova Scotia Securities Commission902-424-8586
Janice CallbeckOffice of the Superintendent of Securities, P.E.I. 902-368-6288
Don BoylesOffice of the Superintendent of SecuritiesNewfoundland and Labrador709-729-4501
Rhonda HorteOffice of the Yukon Superintendent of Securities867-667-5466
Louis ArkiNunavut Securities Office867-975-6587
Gary MacDougallNorthwest TerritoriesSecurities Office867-873-3318
Daniela MachucaFinancial and Consumer AffairsAuthority of Saskatchewan306-798-4160
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