OSC publishes 2021 Corporate Finance Branch Report

TORONTO - The Ontario Securities Commission (OSC) today published its annual Corporate Finance Branch Report, an important resource to help issuers and their advisors with their reporting obligations.

The report provides issuers with guidance on trends and issues identified during compliance reviews. Key areas of focus in fiscal 2021 included MD&A disclosure, COVID-19 disclosure, mining technical reports, the use of non-GAAP financial measures, as well as diversity on boards and in executive officer positions.

The report also highlights critical policy initiatives affecting reporting issuers’ disclosure, such as proposed changes to the CD requirements to streamline and clarify annual and interim filings, the publication of proposed climate-related disclosure requirements, as well as considerations around broader diversity.

“Capital raising in Ontario continues to grow at a rapid and unprecedented rate with the Branch receiving a record number of prospectus filings over the past year,” said Sonny Randhawa, Director, Corporate Finance at the OSC. “Despite these operational volumes, we have successfully met important publication milestones on several key policy initiatives.”

In Fiscal 2021, over 574 prospectuses filed in Ontario were completed, representing a nearly 50 per cent increase from the previous year and volumes not seen in over a decade. The OSC published best practice guidance in January to assist issuers in capital raising efforts.

OSC Staff Notice 51-732 Corporate Finance Branch 2021 Annual Report can be viewed on the OSC website.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

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