On November 9, 2012 the Ontario Securities Commission published Staff Notice 51-720 – Issuer Guide for Companies Operating in Emerging Markets (the “Guide”). The Guide is based upon a prior review by the OSC of the adequacy of disclosure and regulatory compliance by 24 issuers, representing more than 50% of the 46 emerging market issuers for which Ontario is the principal regulator, which resulted in the publication of Staff Notice 51-719 – Emerging Markets Issuer Review dated March 20, 2012 (the “Review”). The Review focused on issuers with the following characteristics:
- mind and management are largely outside of Canada; and
- the principal active operations are outside of Canada, in regions such as Asia, Africa, South America and Eastern Europe.
The Review identified four main areas of concern with respect to these emerging market issuers (“EMIs”)...
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