Le Lézard
Classified in: Business, Covid-19 virus
Subject: PSF

Canadian securities regulators publish findings of COVID-19 disclosure review


TORONTO, Feb. 25, 2021 /CNW/ - The Canadian Securities Administrators (CSA) today published key findings of recently completed reviews of issuers' COVID-19 disclosure. Guidance and disclosure examples have been provided to assist issuers with reporting on the impacts of COVID-19 to their business and operations.  

"We are encouraged by the overall quality of disclosures issuers provided," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "However, there were some instances where issuers did not provide sufficient detail related to the current and expected impact of COVID-19 on their operations and financial condition, including liquidity and capital resources. It is important that issuers review this guidance closely so that they provide transparent and balanced disclosure."

A majority of issuers reviewed provided detailed, quality disclosure. This included affected issuers significantly expanding their Management Discussion and Analysis section (MD&A) to explain the impact of COVID-19 to their industry, operations, customers and suppliers. Most issuers also adequately disclosed impairments of non-financial assets in light of deterioration in their business since the onset of the COVID-19 pandemic.

CSA staff identified some areas where disclosure could be improved, including issuers needing to provide more discussion of entity-specific measures taken to reduce the COVID-19 impact on their business. The review also revealed instances where issuers provided unbalanced or overly promotional disclosure, as well as isolated instances of non-compliance of non-GAAP measures and forward-looking information.

CSA staff reviewed the continuous disclosure filings of approximately 90 issuers across a broad spectrum of industries and size of operations, focusing on the disclosures of the most recent reporting period ending September 30, 2020. As a result of the reviews, some issuers required no action, while other issuers were requested to make prospective disclosure enhancements.

The CSA will continue to closely monitor issuers' continuous disclosure filings in relation to the impact of the COVID-19 pandemic, as part of the CSA's ongoing continuous disclosure review program. 

Further regulatory guidance to assist issuers with their COVID-19 disclosure can be found on the CSA COVID-19 Information Hub.

CSA Notice 51-362 Staff Review of COVID-19 Disclosures and Guide for Disclosure Improvements is available on CSA members' websites

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For media inquiries, please contact:

Ilana Kelemen                                                 

Kate Ballotta

Canadian Securities Administrators               

Ontario Securities Commission

media@acvm-csa.ca                                        

media_inquiries@osc.gov.on.ca

For Investor inquiries, please refer to your respective securities regulator. You can contact them here. 

For inquiries from market participants (issuers and registrants, or their representatives), please refer to the list of subject matter experts at the end of the CSA Staff Notice.

SOURCE Canadian Securities Administrators


These press releases may also interest you

at 10:15
The "Cannabinoid Hemp Oil Market Research Report by Form (Concentrated Oil, Cream, Food Additive, Inhaled Liquids, and Supplement Capsule), by Source (Inorganic and Organic), by Distribution Mode, by Application - Global Forecast to 2025 - Cumulative...

at 10:10
Numi Health Inc. ("Numi"), Canada's premier mobile medical service, is pleased to announce the company has expanded its COVID-19 testing services, with a full-time presence at Calgary and Edmonton International airports and now pop-up clinics at...

at 10:10
The "Online Gambling Market Research Report by Game (Bingo, Casino/Poker, Lottery, Social Gaming, and Sports Betting), by Device (Desktop and Mobile), by Payment Mode - Global Forecast to 2025 - Cumulative Impact of COVID-19" report has been added to...

at 10:10
The electricity retailing market is set to grow by USD 400.20 billion, progressing at a CAGR of about 3% during 2021-2025. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall...

at 10:05
A new report was released last week entitled, "Deep Technology Entrepreneurship in the World and Turkey." The report notes the steadily rising demand for deep technologies, especially in light of the global Covid-19 pandemic, and discusses recent...

at 10:05
The "Mobile Phone Accessories Market Research Report by Product (Battery, Battery Cases, Chargers, Headphones, and Memory Card), by Distribution Mode (Offline and Online) - Global Forecast to 2025 - Cumulative Impact of COVID-19" report has been...



News published on 25 february 2021 at 11:39 and distributed by: