The Canadian Securities Administrators (CSA) issued CSA Staff Notice 51-316 Continuous Disclosure Review of Smaller Issuers today. The Notice provides guidance to help smaller issuers understand their continuous disclosure obligations.
The Notice summarizes common deficiencies found within the continuous disclosure record of smaller issuers, primarily focussing on financial statements and Management Discussion and Analysis (MD&A). “By summarizing some of the most common continuous disclosure deficiencies, this Notice will serve as a great resource to smaller issuers in their effort to meet their disclosure obligations,” says Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers du Québec.
To ensure guidance reaches smaller issuers, the CSA will email a copy of the Notice to all issuers with assets under $25 million. The Ontario Securities Commission will also mail copies of the Notice to Ontario issuers with assets under $5 million.
See full Article.
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