OSC adopts Policy 51-604 Defence for Misrepresentations in FLI

Posted on October 3, 2008

The OSC has adopted OSC Policy 51-604 Defence for Misrepresentations in Forward-Looking Information.  The purpose of this Policy is to outline the OSC’s views on some of the policy considerations underlying the defence for misrepresentations in forward-looking information contained in an issuer’s disclosure. The Policy explains how the OSC approaches the interpretation of certain aspects of the defence, including: (i) the “proximate” requirement; (ii) the required content of applicable risk factor and assumption disclosure; (iii) the “reasonable basis” requirement; and (iv)  the operation of the defence with respect to oral statements containing forward-looking information.

For a more detailed analysis of the original proposal on which the Policy is based, see our update of June 2006.

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