Securities Regulators Propose Changes To Streamline And Clarify Companies' Continuous Disclosure Filings

On May 20, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) and related consequential amendments to certain rules, policies and forms. They also have requested feedback on a framework that would permit non-SEC venture issuers to report on a semi-annual, rather than quarterly, basis. The comment period expires on September 17.

What you need to know

• The proposed amendments are intended to result in less but more focused disclosure and enhanced presentation and quality of disclosure.
• For non-investment fund reporting issuers, the CSA plans to consolidate the annual financial statements, management's discussion and analysis (MD&A) and annual information statement (AIF), if any, into a single annual disclosure statement (ADS) and consolidate the interim financial statements and interim MD&A into a single interim disclosure statement (IDS).