Continuous Disclosure Recommendations Resulting From CSA Biennial Review

On November 3, 2022, the Canadian Securities Administrators (CSA) published its biennial report on issuer compliance with continuous disclosure obligations - Staff Notice 51-364 (Staff Notice), which covers fiscal years ended March 31, 2022, and March 31, 2021. The Continuous Disclosure Review Program was established to help issuers understand and comply with their obligations under National Instrument 51-102 Continuous Disclosure Obligations.

The CSA noted that the fiscal years ended March 31, 2022, and March 31, 2021, were marked by atypical uncertainties in the market, including:

• persistent supply chain issues;
• the continuing effects of the COVID-19 pandemic;
• higher than normal energy costs; inflationary pressures including rising interest rates; and