Securities And Capital Markets Bulletin - January 2012

OVERVIEW

Each year we are asked what has changed to the continuous disclosure requirements for Canadian public companies. The purpose of this Bulletin is to answer that question. We should, however, caution those officers of reporting issuers responsible for continuous disclosure matters that they should not just update last year's continuous disclosure documents. You should always refer to the source of the obligations to ensure that you are complying with all of the requirements. For example, changes to the circumstances of a reporting issuer could give rise to the obligation to respond to an item of required disclosure that was inapplicable last year.

We expect that the transition to International Financial Reporting Standards will continue to be the primary focus for the Canadian securities regulators' continuous disclosure review program for the coming year. In addition, changes to the executive compensation disclosure requirements are now in force.