FOR IMMEDIATE RELEASE
December 12, 2005
Canada's Securities Regulators Issue
Guidance
on Continuous Disclosure for Smaller Issuers
Montreal – The Canadian Securities Administrators (CSA) issued CSA Staff Notice 51-316 Continuous Disclosure Review of Smaller Issuers today. The Notice provides guidance to help smaller issuers understand their continuous disclosure obligations.
The Notice summarizes common deficiencies found within the continuous disclosure record of smaller issuers, primarily focussing on financial statements and Management Discussion and Analysis (MD&A). “By summarizing some of the most common continuous disclosure deficiencies, this Notice will serve as a great resource to smaller issuers in their effort to meet their disclosure obligations,” says Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec).
To ensure guidance reaches smaller issuers, the CSA will email a copy of the Notice to all issuers with assets under $25 million. The Ontario Securities Commission will also mail copies of the Notice to Ontario issuers with assets under $5 million.
“Smaller issuers make up a significant segment of Canada’s issuer population, and all issuers, both large and small, must comply with securities regulations. We believe this Notice is an efficient way to address some of the deficiencies we have seen particularly from smaller issuers,” said Jean St-Gelais.
CSA Staff Notice 51-316 Continuous Disclosure Review of Smaller Issuers is available on several CSA members' web sites.
The CSA is the council of the securities regulators of Canada's provinces and territories whose objectives are to improve, coordinate and harmonize regulation of the Canadian capital markets.
| British Columbia Securities Commission Andrew Poon 604-899-6880 1-800-373-6393 (B.C. & Alberta only) www.bcsc.bc.ca |
Alberta Securities Commission Siobhan Vinish 403-297-4481 www.albertasecurities.com |
| Manitoba Securities Commission Ainsley Cunningham 204-945-4733 1-800-655-5244 (Manitoba only) www.msc.gov.mb.ca |
Ontario Securities Commission Eric Pelletier 416-595-8913 1-877-785-1555 (toll free in Canada) www.osc.gov.on.ca |
| Autorité des marchés financiers
(AMF) Philippe Roy 514-940-2176 1-800-361-5072 (Québec only) www.lautorite.qc.ca |
New Brunswick Securities Commission Pierre Thibodeau 506-643-7751 1-866-933-2222 (New Brunswick only) www.nbsc-cvmnb.ca |
| Nova Scotia Securities Commission Scott Peacock 902-424-6179 www.gov.ns.ca/nssc |
Securities Commission of Newfoundland and Labrador Susan W. Powell 709-729-4875 www.gov.nl.ca/scon |
| Northwest Territories Registrar of Securities Gary MacDougall Gary_macdougall@gov.nt.ca www.justice.gov.nt.ca |
Prince Edward Island Office of the Attorney General Marc Gallant 902-368-4552 www.gov.pe.ca |
| Saskatchewan Financial Services Commission Patti Pacholek (306) 787-5871 www.sfsc.gov.sk.ca |
Yukon Registrar of Securities Richard Roberts (867) 667-5225 |