CSA Highlight Common Deficiencies In COVID-19 Disclosure

On October 29, 2020, the Canadian Securities Administrators (CSA) released CSA Staff Notice 51-361 – Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2020 and March 31, 2019 (Notice). The Notice summarizes the results of the CSA's continuous disclosure review programs for the past two years and also includes information and guidance in respect of areas where the CSA have identified common deficiencies, with a particular focus on disclosures concerning the impact of COVID-19 on Canadian public companies. This guidance is particularly helpful for Canadian public companies crafting descriptions of the impact of COVID-19 in their continuous disclosure documents during these challenging times.