Securities

Toronto - The Canadian Securities Administrators (CSA) today published Staff Notice 51-344 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2015, which summarizes the results of the CSA's continuous disclosure (CD) review program.

"Investors deserve high quality disclosure as they rely on this information to make informed investment decisions. The CSA's continuous disclosure program aims to enhance the quality, completeness and timeliness of continuous disclosure by reporting issuers in Canada," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.

The CSA members completed 1058 CD reviews in fiscal 2015 (280 full reviews and 778 issue-oriented reviews). In fiscal 2015, 59 per cent of review outcomes required issuers to take action to improve and/or amend their disclosure or resulted in the issuer being referred to enforcement, ceased traded or placed on the default list.

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.

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.

CSA Staff Notice 51-344 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.

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For more information:

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Mark Dickey
Alberta Securities Commission
403-297-4481

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

Cathy Beauséjour
Autorité des marchés financiers
514-395-0337

Kevan Hannah
Manitoba Securities Commission
204-945-1513

Andrew Nicholson
Financial and Consumer Services Commission
New Brunswick
506-658-3021

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Janice Callbeck
Office of the Superintendent of Securities
P.E.I.
902-368-6288

Don Boyles
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4501

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466

Shamus Armstrong
Nunavut Securities Office
867-975-6587

Gary MacDougall
Northwest Territories Securities Office
867-920-3318

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160