CSA Continuous Disclosure Reviews for 2009

The Canadian Securities Administrators (CSA) has published a staff notice that summarizes the results of the continuous disclosure review program for the fiscal year ended March 31, 2009. During this period, the CSA completed 1,094 reviews, consisting of 465 full reviews and 629 issue-oriented reviews into specific areas including market turmoil, asset-backed commercial paper, defined benefit pension plan disclosures and financial instruments. Following a full or issue-oriented review, results are classified into one or more of five categories, depending on the seriousness of the matters noted. This year, 48% of the reporting issuers selected for review fell into the category of “prospective changes required. Of the total reporting issuers reviewed, 14% were contacted and alerted to specific areas where disclosure enhancements should be considered. A further 13% were required to amend or refile certain documents and 5% were either cease traded, placed on a default list or referred to Enforcement. (Read the CSA Staff Notice 51-329 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2009.)