The CSA's Latest Continuous Disclosure Review: Two Key Takeaways For Material Contract And Mining Disclosure

The Canadian Securities Administrators (CSA) recently published their annual review of Canadian public companies' continuous disclosure filings in CSA Staff Notice 51-344 - Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2015 (the CSA Notice). The CSA conducted more than a thousand continuous disclosure reviews of Canadian issuers over the past year and identified a number of deficiencies. These include the failure to file material change reports and news releases on a timely basis (if at all), selective disclosure of material non-public information, flaws in certifications over financial reporting controls, and various financial statement deficiencies.