Matthew Merkley on Canadian Securities Administration

CSA Seeks Comments on Climate-Related Disclosure Rules

The Canadian Securities Administrators (the CSA) recently issued a notice and request for comment on proposed National Instrument 51-107 – Disclosure of Climate-related Matters (the Proposed Instrument) and its companion...more

10/29/2021 / Canada , Canadian Securities Administration , Climate Change , Comment Period , Disclosure Requirements

Les ACVM révisent leurs attentes relatives à l’information financière concernant l’activité principale

Les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié un avis de consultation (l’Avis) dans lequel elles proposent des clarifications quant aux attentes relatives à l’information financière concernant...more

8/25/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Initial Public Offering (IPO) , Ontario Securities Commission (OSC)

CSA Revisits Primary Business Financial Disclosure Expectations

The Canadian Securities Administrators (CSA) has released a notice and request for comment (Notice) proposing clarifications to primary business financial disclosure expectations. The purpose is to harmonize, across CSA...more

8/20/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Initial Public Offering (IPO) , Ontario Securities Commission (OSC)

Mesures financières non conformes aux PCGR et autres mesures financières : les ACVM publient leur règlement définitif

Le 27 mai 2021, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié les versions définitives du Règlement 52-112 sur l’information concernant les mesures financières non conformes aux PCGR et d’autres...more

6/16/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Financial Statements , GAAP

CSA Publishes Final Non-GAAP and Other Financial Measures Rule

On May 27, 2021, the Canadian Securities Administrators (CSA) published the final forms of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112) and its related companion policy (the...more

6/10/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Financial Statements , GAAP

Les ACVM proposent de réduire le fardeau réglementaire au moyen de réformes des obligations d'information continue

Dans le cadre de son initiative en cours sur la réduction du fardeau réglementaire (consultez notre Bulletin Blakes d’avril 2018 intitulé Les ACVM annoncent des projets afin de réduire le fardeau réglementaire des sociétés...more

6/3/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Financial Statements , Proposed Amendments , Reporting Requirements

So Hard Done By? CSA Proposes to Reduce Burden with Continuous Disclosure Reforms

In furtherance of their ongoing burden reduction initiative (see our April 2018 Blakes Bulletin: CSA Announce Policy Projects to Reduce Regulatory Burden for Public Companies), the Canadian Securities Administrators (CSA)...more

5/27/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Financial Statements , Proposed Amendments , Reporting Requirements

ACVM : La représentation des femmes au sein des conseils s’améliore graduellement

Le nombre de femmes siégeant à des conseils d’administration de sociétés ouvertes canadiennes a connu une augmentation constante au cours des dernières années. Toutefois, le processus global entourant les nominations au sein...more

4/8/2021 / Board of Directors , Canada , Canadian Securities Administration , Corporate Governance , Diversity , Woman Board Members

Getting on Board with Women on Boards Continues to be a Gradual Process, CSA Reports

The number of women on boards of Canadian public companies has steadily risen in recent years; however, the overall process of “getting on board” with the advancement of gender diversity remains a gradual one, as found by the...more

4/1/2021 / Board of Directors , Canada , Canadian Securities Administration , Corporate Governance , Diversity , Woman Board Members

ACVM : Du nouveau concernant la présentation de l’information fournie par les émetteurs quant à l’incidence de la COVID‑19

Le 25 février 2021, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié l’Avis 51-362 du personnel des ACVM, Examen par le personnel de l’information relative à la COVID-19 et indications destinées à...more

3/11/2021 / Canada , Canadian Securities Administration , Coronavirus/COVID-19 , Disclosure Requirements , Financial Statements , Non-GAAP Financial Measures

CSA Provides Further Guidance on COVID-19 Disclosures by Issuers

On February 25, 2021, the Canadian Securities Administrators (CSA) released CSA Staff Notice 51-362 - Staff Review of COVID-19 Disclosures and Guide for Disclosure Improvements (Notice). The Notice summarizes key findings...more

3/5/2021 / Canada , Canadian Securities Administration , Coronavirus/COVID-19 , Disclosure Requirements , Financial Statements , Non-GAAP Financial Measures

Coronavirus Disclosure: It’s Contagious and Could Be Dangerous

The far-reaching effects of COVID-19, otherwise known as the coronavirus, have not spared the business community or the global economy. This unprecedented epidemic is quickly growing into a health crisis with increasing risks...more

3/17/2020 / Canada , Canadian Securities Administration , Coronavirus/COVID-19 , Disclosure Requirements , Infectious Diseases , MD&A Statements , Public Health

Burden Reduction: OSC Addresses 199 Problems

The Ontario Securities Commission (OSC) has released its Reducing Regulatory Burden in Ontario’s Capital Markets report (Report), identifying 107 initiatives to address 34 underlying concerns identified in the 199 suggestions...more

12/2/2019 / Canada , Canadian Securities Administration , IIROC , Investment Funds , Ontario Securities Commission (OSC)

CSA Propose New National Records Filing System to Replace SEDAR, SEDI and NRD

The Canadian Securities Administrators (CSA) are seeking input on the development of an integrated and comprehensive records filing system for Canada’s capital markets (Renewed System) that will, among other things, replace...more

5/10/2019 / Canada , Canadian Securities Administration , Comment Period , Proposed Amendments

OSC Seeks Public Input on Reducing Regulatory Burdens for Market Participants

The Ontario Securities Commission (OSC) recently announced plans to engage in a structured public consultation process as the next step in its efforts to reduce the regulatory burden for market participants. The public...more

1/23/2019 / Canada , Canadian Securities Administration , Comment Period , Ontario Securities Commission (OSC)

CSA Warn Against Certain Problematic Promotional Activities

On November 29, 2018, the Canadian Securities Administrators (CSA) released CSA Staff Notice 51-356 Problematic promotional activities by issuers (Staff Notice), which cautions companies to avoid disclosure and promotional...more

12/12/2018 / Canada , Canadian Securities Administration , Capital Markets , Investors , Public Disclosure

Women on Boards: Progress on Gender Diversity Still Slow, CSA Reports

The number of women on boards and in executive positions has risen compared to last year, but progress on gender diversity remains slow, the Canadian Securities Administrators (CSA) have found in their recently published CSA...more

10/10/2018 / Board of Directors , Canada , Canadian Securities Administration , Corporate Governance , Disclosure Requirements , Diversity

CSA Proposes Non-GAAP Financial Measures Rule

The Canadian Securities Administrators (CSA) recently issued a request for comment on proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (Proposed Instrument), which would provide binding...more

9/11/2018 / Canada , Canadian Securities Administration , Capital Markets , Financial Statements , Investors , Non-GAAP Financial Measures

CSA Highlight Common Deficiencies in Continuous Disclosure

The Canadian Securities Administrators (CSA) have released CSA Staff Notice 51-355 – Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2016 and March 31, 2017 (Notice), summarizing the...more

8/7/2018 / Canada , Canadian Securities Administration , Disclosure Requirements , Executive Compensation , Financial Statements , GAAP

Securities Regulators Find Gaps in Non-GAAP and Distribution Disclosures by REITs and REOCs

The Canadian Securities Administrators (CSA) recently issued Staff Notice 52-329 Distribution Disclosures and Non-GAAP Financial Measures in the Real Estate Industry (Staff Notice), providing guidance on disclosure...more

4/27/2018 / Canadian Securities Administration , Disclosure Requirements , Fund Distribution , Non-GAAP Financial Measures , REIT

Director Independence Regime – Time for a Change?

The Canadian Securities Administrators (CSA) have received formal submissions (Submissions) on Consultation Paper 52-404 – Approach to Director and Audit Committee Member Independence (Consultation Paper) from 27...more

4/23/2018 / Board of Directors , Canada , Canadian Securities Administration , Corporate Governance , Directors , Shareholders

No Such Thing as March Break (2018) – Selected Corporate and Securities Law Developments

March was once again a busy month this year for corporate and securities law developments, with the publishing of staff notices by the Toronto Stock Exchange (TSX), the Ontario Securities Commission (OSC) and Canadian...more

4/13/2018 / Canada , Canadian Securities Administration , Corporate Governance , Ontario Securities Commission (OSC) , Toronto Stock Exchange

CSA Announce Policy Projects to Reduce Regulatory Burden for Public Companies

The Canadian Securities Administrators (CSA) recently published Staff Notice 51-353 – Update on CSA Consultations Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (Notice),...more

4/9/2018 / Canada , Canadian Securities Administration , Initial Public Offering (IPO) , Public Offerings

Are Directors Independent? It Depends: CSA Revisiting Regime

The Canadian Securities Administrators (CSA) have released CSA Consultation Paper 52-404 – Approach to Director and Audit Committee Member Independence (Consultation Paper) and are inviting comments on the current approach to...more

11/16/2017 / Board of Directors , Canada , Canadian Securities Administration , Corporate Governance , Directors , Independent Directors

CSA Reports Another Small Step for Women; Still No Giant Leap for Humankind

The Canadian Securities Administrators (CSA) recently published CSA Multilateral Staff Notice 58-309 Staff Review of Women on Boards and in Executive Officer Positions – Compliance with NI 58-101 Disclosure of Corporate...more

11/1/2017 / Board of Directors , Canada , Canadian Securities Administration , Corporate Governance , Disclosure Requirements , Diversity , Ontario Securities Commission (OSC)

Matthew Merkley

Blake, Cassels & Graydon LLP

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