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ARTICLE · 28 AUGUST 2013

The Ontario Securities Commission (OSC) Recently Issued OSC Staff Notice 51-721 – Forward-Looking Information Disclosure

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The Ontario Securities Commission (OSC) issued OSC Staff Notice 51-721 – Forward-Looking Information Disclosure (the Notice) which deals with the disclosure of forward-looking information (FLI). The Notice summarizes the results of OSC staff review of FLI contained in continuous disclosure documents of reporting issuers in Ontario.

CanadaFinance and Banking
Lata Casciano
Lata Casciano
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The Ontario Securities Commission (OSC) issued OSC Staff Notice 51-721 – Forward-Looking Information Disclosure (the Notice) which deals with the disclosure of forward-looking information (FLI). The Notice summarizes the results of OSC staff review of FLI contained in continuous disclosure documents of reporting issuers in Ontario. The Notice  (1) sets out the common areas of improvements identified from the review, and  (2) provides practice points. The following provides an overview of the Notice.

FLI

FLI is disclosure about possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action, and includes:  (a) future-oriented financial information (FOFI) and  (b) financial outlook. FLI is subject to the requirements under National Instrument 51-102 - Continuous Disclosure Obligation (NI 51-102) applicable to FLI. As noted in the Notice, such requirements apply regardless of whether FLI is on

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