Introduction
On November 9, 2012, the Ontario Securities Commission released
OSC Staff Notice 51-720 Issuer Guide for Companies Operating in
Emerging Markets (the "Guide").
The Guide is one of the steps the OSC is taking to address
concerns regarding issuers operating in emerging markets and is
designed to help directors and management more effectively
discharge their responsibilities. In addition to identifying
potential risk areas, the Guide provides suggestions for directors
and management to consider in addressing those potential risks in
their businesses. It also sets out the OSC's expectations of
emerging market issuers in relation to disclosure requirements and
provides examples of the level of detail that should be provided in
disclosure documents. The OSC has also committed to working with
regulatory partners to develop guidance and standards to protect
investors in emerging market issuers and in that respect, the
Toronto Stock Exchange and the TSX Venture
