OSC Provides Guidance To Improve Forward-Looking Information Disclosure

Following a review to assess the overall quality of forward-looking information ("FLI") of 60 Ontario reporting issuers, the Ontario Securities Commission ("OSC") released Staff Notice 51-721 Forward-Looking Information Disclosure on June 13, 2013 (the "Staff Notice"). The Staff Notice clarifies the disclosure requirements related to FLI, provides disclosure examples and highlights common areas of non-compliance.

The OSC's review noted four common areas where improvement of FLI disclosure is required:

a. identifying FLI clearly;

b. disclosing the material factors or assumptions used to develop FLI;

c. updating previously disclosed FLI; and

d. comparing actual results to future oriented financial information ("FOFI") or financial outlook previously disclosed.