Canadian securities regulators provide guidance to issuers on reporting impact of COVID-19

TORONTO, Oct. 29, 2020 /CNW/ - The Canadian Securities Administrators (CSA) published its biennial report on its continuous disclosure review program. Due to the ongoing impact of the COVID-19 pandemic, the report also includes guidance for issuers on reporting the impact of COVID-19.

"The report is intended to help public companies understand and comply with their continuous disclosure obligations under securities law," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "Market participants and investors expect reporting issuers to provide clear disclosure on how COVID-19 is impacting their business. The report will assist these issuers when preparing their financial statements and MD&A, including information about operating performance, financial position, liquidity and future prospects."

The report outlines common deficiencies and provides examples of how to improve disclosure on select topics including: forward looking information; non-GAAP financial measures; overly promotional disclosure; insider reporting; and mineral project disclosure.

In fiscal 2020, 55 per cent (2019 - 67 per cent) of review outcomes required issuers to take action to improve and/or amend their disclosure, with some issuers being referred to enforcement, cease-traded or placed on the default list.

The CSA's continuous disclosure review program assesses the compliance of issuers' continuous disclosure documents with securities law and aims to help improve the completeness, quality and timeliness of continuous disclosure by reporting issuers.

Further regulatory guidance to assist issuers with their COVID-19 disclosure can be found on the CSA COVID-19 Information Hub.

CSA Multilateral Staff Notice 51-361 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2020 and March 31, 2019  is available on 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.

For Investor inquiries, please refer to your respective securities regulator. You can contact them here. 

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected].

For more information:                                                                                                                     

Kristen Rose	Hilary McMeekin
Ontario Securities Commission	Alberta Securities Commission
416-593-2336	403-592-8186
Sylvain Théberge	Jason (Jay) Booth
Autorité des marchés financiers	Manitoba Securities Commission
514-940-2176	204-945-1660
Shannon McMillan	Steve Dowling
Financial and Consumer Affairs Authority of Saskatchewan	Superintendent of Securities, Department of       Justice and Public Safety,
306-798-4160	Prince Edward Island            902 368-4550
Marissa Sollows	David Harrison
Financial and Consumer Services	Nova Scotia Securities Commission
Commission, New Brunswick	902-424-8586
506-643-7853
Renée Dyer	Rhonda Horte
Office of the Superintendent of Securities,	Office of the Yukon Superintendent of
Service NL	Securities
709-729-4909	867-667-5466
Jeff Mason	Tom Hall
Nunavut Securities Office	Northwest Territories
867-975-6591	Office of the Superintendent of Securities
	867-767-9305

                                                                                 

SOURCE Canadian Securities Administrators