The Ontario Securities
Commission today published a Staff Notice
outlining areas of concern relating to emerging market issuers. As
we discussed last summer, the OSC
recently undertook a targeted review of Ontario reporting issuers
with significant business operations in emerging markets following
the disclosure-related allegations made against Sino-Forest.
According to the OSC, the regulator wanted to "ensure that any
systemic or specific issues" affecting such issuers were
addressed in light of the importance of emerging market issuers in
the Canadian and global marketplace.
To that end, the OSC reviewed 24 issuers ranging across various
industries such as mining, forestry, financial services and
technology. Among other things, the review involved an examination
of the public disclosure records of the selected issuers, as well
as examinations of board and audit committee activities.
