The Canadian Securities
Administrators today released a notice summarizing the
results of their continuous disclosure review program for fiscal
2011. The CSA ultimately reviewed the disclosure of 1,351 issuers,
consisting of 436 full reviews and 915 issue-oriented reviews
(which focused on such issues as IFRS transition disclosure,
certification and disclosure of material contracts). The reviews
resulted in 70% of issuers reviewed being required to take
some action to improve disclosure, with 16% being required to
amend and refile certain continuous disclosure documents and
40% requiring changes or enhancements in their next
filings.
Common deficiencies identified by the CSA's review included
boilerplate disclosure in MD&A that lacked
analysis, insufficient financial statements disclosure
relating to note disclosure and measurement issues, and
insufficient disclosure of executive compensation information. Of
particular interest, the CSA's notice provides
