Importance Of Issuer Specific Disclosure During COVID-19 Highlighted By CSA Continuous Disclosure Review Program

The Canadian Securities Administrators (CSA) have published a Staff Notice reporting on the results of their continuous disclosure review program (Review Program) which, in light of current circumstances, has a particular focus on guidance for issuers in addressing the impact of COVID-19, including examples of both deficient and improved disclosure specifically related to COVID-19.

• The Staff Notice highlights deficiencies related to financial statement disclosure, management's discussion and analysis (MD&A) and other general regulatory requirements.
• Issuers are specifically reminded that disclosure should be transparent and entity-specific, especially in light of the current economic climate and the COVID-19 pandemic.