Regulatory Alerts2021-08-25
Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure
The Autorité des marchés financiers issued Regulation 52-112 to establish disclosure requirements for specified financial measures, including non-GAAP financial measures, non-GAAP ratios, and capital management measures. The regulation mandates that issuers provide clear labels, quantitative reconciliations to the most directly comparable GAAP measure, and explanations of the measure's composition and usefulness to investors. It also imposes specific restrictions on the prominence of such disclosures and requires comparative period data in management discussion and analysis or earnings releases.
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