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ARTICLE · 09 SEPTEMBER 2010

Lessons to be Learned from Recent CSA Continuous Disclosure Review

McCarthy Tétrault
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The Canadian Securities Administrators (CSA) have summarized the results of their annual continuous disclosure (CD) review program of reporting issuers (other than investment funds) for fiscal year 2010 in CSA Staff Notice 51-332 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2010.

CanadaCorporate/Commercial Law

The Canadian Securities Administrators (CSA) have summarized the results of their annual continuous disclosure (CD) review program of reporting issuers (other than investment funds) for fiscal year 2010 in CSA Staff Notice 51-332 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2010. Issuers should review the staff notice and take note of the deficiencies identified by the CSA when preparing their own filings.

Under its CD review program, the CSA conducts both "full reviews" and "issue-oriented reviews." This year, the number of full reviews conducted increased by 13 per cent from fiscal 2009, and the number of issue-oriented reviews increased by 31 per cent. The increase in the latter is largely a result of International Financial Reporting Standards (IFRS) transition disclosure reviews and compliance reviews. (See our related article,CSA Staff Conduct IFRS Transition Disclosure Review.") There are approximately 4200

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