The Canadian Securities Administrators today published a notice summarizing the results of their
continuous disclosure review program for fiscal
2014.
The continuous disclosure review program consisted of 221 full
and 770 issue-oriented reviews of reporting issuers. Ultimately,
37% of the reviews resulted in issuers being required to make
prospective changes by way of enhancements in future filings,
14% of the reviews resulted in issuers being required to amend
or re-file certain disclosure documents, 16% of the reviews
resulted in issuers being alerted to areas where disclosure
enhancements should be considered, and 9% of issuers were
either cease-traded, placed on a default list or referred to
enforcement. Only 24% (as compared to 53% in 2013) of the
reviews resulted in no changes or additional filings being
required. In total, 76% of the review outcomes required issuers to
take action to improve their disclosure or resulted in the issuer
being referred to
