In February, Canada's securities regulators published for
comment a revised version of the proposed rules on the presentation
of non-GAAP financial measures. The first iteration of the proposed
rules was published in 2018 and received substantial feedback from
stakeholders—the new version of the proposed rules has been
simplified to address many of the comments raised1. The comment period in
respect of the proposed rules runs to June 29, 2020. Given the
extensive comments already received and considered by regulators,
we expect the rules will come into force substantially as
proposed.
Application
The proposed rules do not apply to:
- investment funds;
- disclosures required under National Instrument 43-101
Standards of Disclosure for Mineral Projects and National
Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities (other than voluntarily disclosed oil and gas
metrics under section 5.14 of NI 51-101); or
