CSA Clarify Filing And Translation Requirements Concerning U.S. Disclosure Documents

The Canadian Securities Administrators recently released Multilateral CSA Staff Notice 51-338 – Continuous Disclosure and Prospectus Requirements Relating to Documents Prepared under the U.S. Securities and Exchange Act of 1934 (the Notice). The Notice was published by staff of the securities regulatory authorities in each province and territory of Canada, other than Alberta and British Columbia (Staff).

In the Notice, Staff expresses its expectations concerning the continuous disclosure and prospectus requirements applicable to documents that are schedules or exhibits to, or incorporated by reference in, disclosure documents prepared in accordance with the U.S. Securities and Exchange Act of 1934 (the 1934 Act) and filed by issuers in Canada.