January 22, 2016 Public Contracts Money-Services Businesses

The AMF would like to bring to your attention the guidance provided recently in CSA Staff Notice 52-306 (Revised) - Non-GAAP Financial Measures(pdf - 59 KB)This link will open in a new windowUpdated on January 14, 2016"CSA,Staff Notice,52-306,Revised,Non-GAAP,Financial Measures".

As stated in our activity report for the Continuous Disclosure Review Program (CDR Program) issued in September 2015, the AMF expects companies to improve their presentation of non-GAAP financial measures and follow the guidance set out in CSA Staff Notice 52-306 (revised). We will pay particular attention to these matters in our upcoming reviews.

The AMF will be monitoring whether the guidance set out in the Notice is being followed. Staff cautions issuers that regulatory action may be taken if an issuer discloses information in a manner considered misleading and therefore potentially harmful to the public interest.