Header graphic for print
Canadian Securities Regulatory Monitor News and Insight

Tag Archives: reporting issuers

Canadian Securities Administrators Publish Report and Guidelines on Social Media Use by Reporting Issuers

Posted in Continuous and Timely Disclosure, CSA, Industry News

On March 9, 2016, the Canadian Securities Administrators published CSA Staff Notice 51-348 (the “Notice”) which reports on a study of social media use by reporting issuers and provides guidance for public companies who engage with investors and other stakeholders using those channels.

Scope of Review

The review was conducted by securities regulatory authorities in Alberta, Ontario and Quebec and surveyed the social media activity of 111 reporting issuers of varying sizes and industries listed on the TSX, TSXV and CSE. The review included information on websites such as Facebook, Twitter, Instagram, LinkedIn, YouTube and others, as well … Continue Reading

Les obligations d’information*

Posted in Compliance and Supervision, Conformité et supervision, Continuous and Timely Disclosure, Obligations d'information continue

Des obligations d’information ont été mises en place sur les marchés des capitaux pour que la communication de l’information auprès du public se fasse de façon périodique et continue. L’objectif en est un de transparence : l’on vise un accès équitable à l’information importante afin d’assurer une stabilité des marchés et de maintenir la confiance des investisseurs.

Conformément à la Loi sur les valeurs mobilières, un émetteur assujetti qui a fait appel public à l’épargne est tenu à des obligations d’information continue.

L’information continue se compose entre autres de l’information périodique au sujet des activités et des affaires internes … Continue Reading

Canadian Public Company Disclosure Deficiency Rate Nearly Doubled in 2014

Posted in Continuous and Timely Disclosure, CSA, Enforcement, Industry News

The Canadian Securities Administrators (CSA) recently released CSA Staff Notice 51-341 setting out the results of their Continuous Disclosure Review Program for fiscal 2014.

The Program is used to evaluate compliance of reporting issuers (RIs) with continuous disclosure obligations and how regulators reacted in the year to deficiencies including referrals of RIs to enforcement, commencement of cease-trading proceedings, placing RIs on the default list, forcing refilings, and requiring changes in future RI filings.

The CSA conducted fewer reviews in fiscal 2014 (a 26% year-over-year decrease), but these reviews led to more serious consequences for issuers.

Almost … Continue Reading