The CSA has published Staff Notice 51-344 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2015, which summarizes the results of the CSA’s continuous disclosure (CD) review program.
They weren’t pretty.
The CSA members completed 1058 CD reviews in fiscal 2015 (280 full reviews and 778 issue-oriented reviews). In fiscal 2015, 59% of review outcomes required issuers to take action to improve and/or amend their disclosure or resulted in the issuer being referred to enforcement, ceased traded or placed on the default list.
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The Staff Notice includes detailed examples of common deficiencies the CSA identified during its review of financial statements, management’s discussion and analysis and other regulatory disclosure. It also provides reporting issuers with practical guidance and suggestions for improving their disclosure.
There are approximately 4,000 active reporting issuers in Canada (excluding investment funds) that are subject to full and issue-oriented reviews as part of the CSA’s ongoing CD review program.
CSA Staff Notice 51-344 is available on various CSA members’ websites.