News Release

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 du 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 51-316Continuous 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.