Summary of Oversight and Regulatory Activities

The AMF invites Québec companies that seek to raise capital through the markets, as well as their advisers, to read the Summary of Oversight and Regulatory Activities prepared by the Direction principale du financement des sociétés (“AMF Corporate Finance”). It includes information on the main deficiencies identified in the continuous disclosure and financing documents of companies as well as examples of corrected information. The Summary also provides data on distributions made by Québec companies, addresses certain issues and oversight challenges brought on by technological innovations and presents the main regulatory initiatives and topics of interest that the AMF will focus on with respect to corporate finance.

Continuous Disclosure Review Program (CDR Program)

Activity Report

This report is intended primarily for issuers headquarted in Québec that are subject to the Securities Act, as well as their auditors and legal advisers. It includes observations as to the quality of financial disclosures filed by Québec-based public companies. The report's recommendations and comments stem from analyses of various continuous disclosure documents filed with the AMF within the framework of the CDR Program.