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  1. #1

    Canadian regulators propose reduced disclosure requirements for smaller issuers

    TORONTO, June 6, 2014 (Thomson Reuters Accelus) – Smaller public companies in Canada may soon benefit from relaxed disclosure requirements. The Canadian Securities Administrators (CSA), the country’s securities standard-setter, recently proposed several amendments that address continuous disclosures, prospectus disclosures, and certain governance obligations.

  2. #2

    Canadian regulators propose reduced disclosure requirements for smaller issuers

      • Allow the requirement for management discussion and analysis (MD&A) in interim financial periods to be satisfied by filing a streamlined “quarterly highlights” document. Applicable to venture issuers without significant revenue in the most recently completed financial year, the quarterly highlights would provide a short, focused discussion that gives a balanced and accurate picture of the venture issuer’s operations and liquidity, including material accounting changes.

  3. #3

    Canadian regulators propose reduced disclosure requirements for smaller issuers

      • Implement a new, tailored form of executive compensation disclosure, including new filing deadlines. The proposal would reduce the number of individuals for whom disclosure is required from a maximum of five to a maximum of three (i.e. the chief executive officer (CEO), chief financial officer (CFO), and “one additional highest-paid executive officer”). It would also eliminate the requirement for venture issuers to disclose the grant date fair value of stock options and other share-based awards in the summary compensation table. Instead, venture issuers would disclose detailed information about stock options and other equity-based awards issued, held, and exercised. Additionally, two years of disclosure would be required instead of three.

  4. #4

    Canadian regulators propose reduced disclosure requirements for smaller issuers

      • Reduce the instances in which a business acquisition report (BARs) must be filed by increasing the acquisition threshold trigger from 40 per cent to 100 per cent. Additionally, BARs filed by venture issuers would no longer have to include pro forma financial statements.

  5. #5

    Canadian regulators propose reduced disclosure requirements for smaller issuers

      • Create a new requirement for audit committees to have at least three members, the majority of whom could not be executive officers, employees, or control persons of the issuer.

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