Resources for companies

The Ontario Securities Commission (OSC) recognizes the important role the small business sector plays in Ontario’s capital market. A large percentage of Ontario-based businesses are small and medium enterprises (SMEs). Additionally, a significant proportion of TSX-venture listed issuers are also based in Ontario.

The OSC’s role as securities regulator is to uphold confidence and integrity in Ontario’s capital markets. Given the importance of SMEs to Ontario’s market, the OSC works to foster easier access to capital raising for SMEs while protecting the needs of investors in those companies.

The OSC is testing a set of initiatives designed to support early-stage capital raising for Ontario business through OSC TestLab.

Prior Year Corporate Finance Branch Reports

The Corporate Finance Branch publishes an annual report summarizing the activities for the fiscal year end. We provide Issuers and advisors with guidance in a variety of topics, including continuous disclosure, prospectus and application filings as well as updates on policy projects.

Key Staff Notices

Topic	Reference
Prospectus Practice Directives	CSA Staff Notice 41-307 (Revised) Corporate Finance Prospectus Guidance – Concerns Regarding an Issuer’s Financial Condition and the Sufficiency of Proceeds from a Prospectus Offering OSC Staff Notice 41-702 – Prospectus Practice Directive #1 – Personal Information Forms and Other Procedural Matters Regarding Preliminary Prospectus Filings OSC Staff Notice 41-703 – Corporate Finance Prospectus Practice Directive #2 – Exemption from Certain Prospectus Requirements to be Evidenced by a Receipt
Pre-File Reviews	CSA Staff Notice 43-310 – Confidential Pre-File Review of Prospectuses (for non-investment fund issuers) OSC Staff Notice 43-706 – Pre-filing Review of Mining Technical Disclosure
Disclosure Obligations	CSA Multilateral Staff Notice 51-364 – Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2022 and March 31, 2021 OSC Staff Notice 51-711 (Revised) – Refilings and Corrections of Errors OSC Staff Notice 51-723 – Report on Staff’s Review of Related Party Transaction Disclosure and Guidance on Best Practices CSA Multilateral Staff Notice 51-361 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2020 and March 31, 2019
Forward-Looking Information	OSC Staff Notice 51-721 – Forward-Looking Information Disclosure CSA Staff Notice 51-356 – Problematic promotional activities by issuers
Industries	CSA SN 21-332 Crypto Asset Trading Platforms: Pre-Registration Undertakings-Changes to Enhance Canadian Investor Protection CSA Staff Notice 51-363 Observations on Disclosure by Crypto Assets Reporting Issuers CSA Staff Notice 43-307 – Mining Technical Reports – Preliminary Economic Assessments CSA Staff Notice 43-309 – Review of Website Investor Presentations by Mining Issuers CSA Staff Notice 43-311 – Review of Mineral Resource Estimates in Technical Reports CSA Staff Notice 51-327 – Revised Guidance on Oil and Gas Disclosure CSA Staff Notice 51-342 – Staff Review of Issuers Entering Into Medical Marijuana Business Opportunities CSA Multilateral Staff Notice 51-349 – Report on the Review of Investment Entities and Guide for Disclosure Improvements CSA Staff Notice 51-352 (Revised) – Issuers with U.S. Marijuana-Related Activities CSA Staff Notice 51-357 – Staff Review of Reporting Issuers in the Cannabis Industry OSC Staff Notice 51-719 – Emerging Market Issuer Review OSC Staff Notice 51-720 – Issuer Guide for Companies Operating in Emerging Markets OSC Staff Notice 51-722 – Report on a Review of Mining Issuers’ Management’s Discussion and Analysis and Guidance OSC Staff Notice 51-724 – Report on Staff’s Review of REIT Distributions Disclosure
Insider Reporting and SEDI	OSC Staff Notice 51-726 – Report on Staff’s Review of Insider Reporting and User Guides for Insiders and Issuers CSA Staff Notice 55-316 – Questions and Answers on Insider Reporting and the System for Electronic Disclosure by Insiders (SEDI)
Use of the Internet and Cyber Security	CSA Multilateral Staff Notice 51-347 – Disclosure of cyber security risks and incidents CSA Staff Notice 51-348 – Staff’s Review of Social Media Used by Reporting Issuers
Corporate Governance	CSA Multilateral Staff Notice 58-317 - Review of Disclosure Regarding Women on Boards and in Executive Officer Positions - Year 10 Report CSA Multilateral Staff Notice 58-316 – Report on Ninth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions CSA Multilateral Staff Notice 58-314 – Report on Eighth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions CSA Multilateral Staff Notice 58-313 – Report on Seventh Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions CSA Multilateral Staff Notice 51-359 Corporate Governance Related Disclosure Expectations for Reporting Issuers in the Cannabis Industry
Other	OSC Staff Notice 45-718 Ontario’s Exempt Market A Review of capital raised in Ontario through prospectus exemptions CSA Staff Notice 55-317 Automatic Securities Disposition Plans
COVID-19	CSA Staff Notice 51-362 Staff Review of COVID-19 Disclosures and Guide for Disclosure Improvements

Seminars for SMEs

The OSC offers a series of free educational seminars specifically tailored for SMEs to help them understand their regulatory obligations. These seminars, organized and delivered by the OSC’s SME Institute, give SMEs the opportunity to hear first-hand about the latest regulatory issues affecting the SME market. The SME Institute also gives participating businesses the opportunity to share feedback and concerns with the OSC.

Watch the latest SME Institute presentations on the OSC's YouTube channel