Continuous Disclosure Obligations – Recent Developments

As 2009 begins and issuers prepare to satisfy their annual public disclosure obligations, we would like to highlight some of the developments in Canadian continuous disclosure obligations during the past year. Current economic conditions will lead to a new focus on public disclosure. New rules regarding executive compensation, financial reporting (i.e. the introduction of International Financial Reporting Standards), and new CEO and CFO certification requirements have now come into force. In addition to updating practices and documents to incorporate these new rules, issuers must ensure that forward-looking information previously disclosed is updated as required, and that due consideration is given to environmental reporting, as the Ontario Securities Commission has renewed its focus on issuers' disclosure (or lack thereof) of environmental liabilities.