Regulatory Alerts2020-10-29
CSA Multilateral Staff Notice 51-361 Continuous Disclosure Review Program Activities for Fiscal Years Ended March 31, 2020 and March 31, 2019
The Canadian Securities Administrators (CSA) issued Staff Notice 51-361 to report on the results of its Continuous Disclosure Review Program for the fiscal years ended March 31, 2020 and 2019, which aims to enhance the completeness, quality, and timeliness of continuous disclosure by Canadian reporting issuers. The review program found that 55% of issuers in fiscal 2020 (67% in 2019) were required to improve or amend their disclosure, refile documents, or file unfiled documents, with some cases leading to enforcement referrals. The notice details common deficiencies in financial statements, Management's Discussion and Analysis (MD&A), and other regulatory requirements, and provides guidance, including specific considerations for disclosing the impact of the COVID-19 pandemic.