Capital Markets Bulletin - February 3-7, 2014

FROM THE REGULATORS

OSC Releases Report on Review of Mining Issuers' MD&A Disclosure

By: Angela Chu and Joel McElravy

Today, the OSC released Staff Notice 51-722, which presents the results of a review conducted by OSC staff into MD&A disclosure filed by mining issuers with a market capitalization of less than $100 million dollars. The purpose of the review was to allow the OSC to better-understand the issues faced by small mining issuers and to identify areas where increased regulatory guidance would improve issuer compliance.

The review focused on:

• Venture issuer disclosure;
• Discussion of operations;
• Liquidity and capital resource disclosure;
• Disclosure of transactions between related parties;