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Securities Law

NIN 96/03 - Toronto Stock Exchange Committee on Corporate Disclosure - Interim Report [NIN - Rescinded]

Published Date: 1996-01-12
Effective Date: 1996-01-11

The Committee on Corporate Disclosure (the "TSE Committee"), an independent committee sponsored by the TSE, released for comment its Interim Report (the "Interim Report") on December 7, 1995. The TSE Committee also released a separate volume of Background Papers containing memoranda and other materials. The Commission is publishing the executive summary together with the proposed draft legislation set out in the Interim Report.

The Interim Report sets out recommendations for improving continuous disclosure, which includes a recommendation for legislation providing for civil liability for continuous disclosure. This recommendation is consistent with the recommendation made by the Matkin Commission in 1994. In response to the Matkin Report, the provincial government issued for comment proposed draft legislation regarding statutory civil liability (see NIN#95/10). The government did not proceed with the proposed legislation in light of the comments received, but announced that, following further consultation, it would be publishing for comment revised draft legislation regarding statutory civil remedies (see NIN#95/28). The government has established a committee of practitioners to provide advice on statutory civil remedies. This committee will be considering the recommendations and draft legislation proposed by the TSE Committee in developing recommendations for the government.

The Commission encourages market participants to provide comments on the recommendations contained in the Interim Report. Written comments should be sent, on or before March 15, 1996, to:

TSE Committee on Corporate Disclosure
c/o Chairman, T.I.A. Allen, Q.C.
Davies, Ward & Beck
Suite 4400, P.O. Box 63
1 First Canadian Place
Toronto, Ontario,
M5X 1B1

Participants interested in obtaining a full copy of the Interim Report and/or the Background Papers should direct their request to the TSE at the following address:

The Toronto Stock Exchange
Publications Department
2 First Canadian Place
Toronto, Ontario
M5X 1J2

or contact Cindy Rees at (416) 947-4681, Fax # (416) 814-8811.

DATED at Vancouver, British Columbia, on January 11, 1996.

Douglas M. Hyndman

Ref: NIN#95/10


see hard copy for Executive Summary