Canadian securities regulators remind issuers of importance of disclosure in financial reporting

Toronto – Given the significant impacts that the COVID-19 pandemic continues to have on Canadian public companies, the Canadian Securities Administrators (CSA) is reminding reporting issuers of the importance of disclosing high quality financial information to investors.

“It is extremely important that reporting issuers provide investors with meaningful and transparent financial information about how the global pandemic is impacting their financial situation,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “It is critical investors have the necessary information they need in order to make informed investing decisions.”

The CSA encourages issuers to visit the CSA COVID-19 Information Hub for further guidance and information, including COVID-19: Continuous Disclosure Obligations and Considerations for Issuers that discusses a number of important issues, and to consider this information when preparing financial reports and other disclosure documents.

Earlier today, the International Organization of Securities Commissions (IOSCO) issued IOSCO Statement on Importance of Disclosure about COVID-19 to highlight financial reporting issues that should be considered by reporting issuers in order to provide investors with relevant and reliable information in their financial reports and related disclosure documents. The CSA supports the IOSCO Statement.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.