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ARTICLE · 04 MARCH 2021

Canadian Securities Regulators Publish Updated COVID-19 Disclosures Guidance

Just in time for the 2021 proxy and continuous disclosure season, the Canadian securities regulators have published guidance for improved disclosures related to COVID-19.

CanadaCoronavirus (COVID-19)

Just in time for the 2021 proxy and continuous disclosure season, the Canadian securities regulators have published guidance for improved disclosures related to COVID-19. One year into the pandemic, boilerplate disclosure and descriptions of the impacts of COVID-19 without analysis will no longer pass muster with the regulators.

The February 25 publication is an update from disclosure guidance published in October 2020. Once again, the securities regulators set out in detail disclosure inadequacies in issuers' MD&A and financial statements. They also highlight issues common to specific industries.

Common themes

While issuers have been impacted in different ways by the COVID-19 pandemic, there are some common themes in the disclosure improvement guidance provided by the securities regulators:

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