The Canadian Securities Administrators (CSA) on October 29, 2020 published its biennial report on its continuous disclosure review program (Report). The CSA’s continuous disclosure review program assesses the compliance of issuers’ continuous disclosure documents with securities law and aims to help improve the completeness, quality and timeliness of continuous disclosure by reporting issuers. 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.

The Report includes guidance for issuers on reporting the impact of COVID-19 to assist market participants to provide clear disclosure on how COVID-19 is impacting their business. According to the CSA, the Report will assist issuers when preparing their financial statements and MD&A, including information about operating performance, financial position, liquidity and future prospects.

Please see: CSA Multilateral Staff Notice 51-361 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2020 and March 31, 2019 

For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.

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