CSA Publishes Results Of Continuous Disclosure Reviews

The Canadian Securities Administrators (the "CSA") recently published CSA Staff Notice 51-355 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2018 and March 31, 2017 (the "Staff Notice"), which summarizes the results of the CSA's review of reporting issuers' continuous disclosure and highlights common deficiencies and best practices.  

For the fiscal year ended March 31, 2018, 840 reviews were conducted (1,014 in fiscal 2017), the majority of which (approximately 80%) consisted of specific issue-oriented reviews (focusing on specific accounting, legal or regulatory issues, emerging industries or issues, and implementation of recent rules). In fiscal 2018, 51% of reviews (43% in fiscal 2017) resulted in the issuer being required to take action to improve and/or amend their disclosure, or being referred to enforcement, ceased traded or placed on the default list.