Canadian Securities Law : Canadian Securities Lawyer & Attorney : Stikeman Elliott Law Firm : Montreal, Ottawa, Calgary, Vancouver, Montreal, Toronto

Type of Filing

Principal Form / Source of Disclosure Requirement

Current Issues / Guidance

Financial Statements

NI 51-102 Continuous Disclosure Obligations for financial years beginning before January 1, 2011 (pre-IFRS)

NI 51-102 Continuous Disclosure Obligations for financial years beginning on or after January 1, 2011 (IFRS)

NI 52-107 Acceptable Accounting Principles and Auditing Standards(Part 3 – IFRS, Part 4 – pre-IFRS)

Transition to IFRS  

• OSC Corporate Finance - IFRS Releases and Tips (2011)
   
• OSC Staff Notice 51-718 Key Considerations Relating to an Auditor's Involvement with Financial Reports (May 2011)
   
• CSA Staff Notice 52-328 Disclosures About Accounting Policies in the Year of Changeover to IFRS (April 2011)
   
• CSA Staff Notice 52-306 (Revised) Non-GAAP Financial Measures and Additional GAAP Measures (November 9, 2010)
   
• OSC Issuer Guide - Top 10 Tips for Public Companies Filing Their First IFRS Interim Financial Report (November 2010)
   
• CSA Staff Notice 52-326 IFRS Transition Disclosure Review (July 23, 2010)
   
• OSC Staff Notice 52-718 IFRS Transition Disclosure Review (February 5, 2010)
   
• CSA Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to IFRS (May 9, 2008)

Other subject-specific guidance

• OSC Notice 52-719 Going Concern Disclosure Review (December 14, 2010)
   
• CSA Staff Notice 51-333 Environmental Reporting Guidance (October 27, 2010)
   
• CSA Staff Notice 51-330 Guidance Regarding the Application of Forward-Looking Information Requirements Under NI 51-102 (November 20, 2009)
   
• OSC Staff Notice 51-716 Environmental Reporting (February 29, 2008)

General guidance and best practices

• CSA Staff Notice 51-328 Continuous Disclosure Considerations Related to Current Economic Conditions (January 8, 2009)
   
• CICA Guidance – MD&A and Performance Reporting (including Improved Strategy and Outlook Disclosures (November 2010))
   
• CSA Staff Notice 52-318 Audit Committee Follow-up Compliance Review (June 2007)
   
• CSA Staff Notice 52-312 Audit Committee Compliance Review (January 2006)

Upcoming proposals and amendments

• Proposed NI 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers (July 29, 2011) Also, see "CSA's proposed venture regime seeks to tailor regulation" via www.canadiansecuritieslaw.com
   
• Proposed MI 51-105 Issuers Quoted in the U.S. Over-The-Counter Markets (June 10, 2011)
   
• Proposed amendments to NI 52-110 (December 19, 2008), on hold as per Staff Notice 58-305 (November 13, 2009)

MD&A

51-102F1 (pre-IFRS) | 51-102F1 (IFRS)

• include disclosure required by, NI 52-109 (pre-IFRS) | NI 52-109 (IFRS)
   
• see NP 41-201 discussion of MD&A at s. 6.5

AIF

51-102F2 (pre-IFRS) | 51-102F2 (IFRS)

• include disclosure required by NI 52-110 Audit Committees

CEO and CFO Certifications

NI 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (pre-IFRS)

NI 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (IFRS)

• CSA Staff Notice 52-327 Certification Compliance Update (October 15, 2010)

Upcoming proposals and amendments

• Proposed amendments to NI 52-109 regarding securitized products

Information / Proxy Circular

51-102F5 (pre-IFRS) | 51-102F5 (IFRS)

• include disclosure required by NI 58-101
   
• include cross-reference to issuer’s AIF as per NI 52-110 in cases of management information circular to elect directors

NI 54-101 Communications with Beneficial Owners of Securities of a Reporting Issuer

• ISS 2012 Canadian Proxy Voting Guidelines (TSX Companies)
   
• ISS 2012 Canadian Proxy Voting Guidelines (Venture Companies)
   
• ISS Canadian Corporate Governance Policy (2012 Updates)
   
• ISS U.S. Corporate Governance Policy (2012 Updates) Also see, "A summary of ISS' white paper on evaluating pay-for-performance alignment" via www.canadiansecuritieslaw.com (January 10, 2012)

• ISS 2012 Draft Policies for Comment (October 2011)
   
• ISS 2011-2012 Policy Survey Summary of Results (September 2011)  
   
• ISS Policy - Canadian Corporate Governance Policy (2011 Updates)
   
• ISS 2011 Canadian Proxy Voting Guidelines Summary (TSX-Listed Companies)
   
• ISS 2011 Canadian Proxy Voting Guidelines Summary (Venture Companies)

• CCGG - 2011 Best Practices for Proxy Circular Disclosure (November 2011)
   
• CCGG Shareholder Democracy Study (June 2011)
   
• CCGG Majority Voting Policy (March 2011)
   
• CCGG Annual Report - Improving Corporate Governance in Canada (September 2010)
   
• CCGG Policy - “Say on Pay” (September 2010) 
   
• CCGG Policy - Board Engagement with Shareholders (September 2010)
    
• CCGG Guidelines - Building High Performance Boards (March 2010)
   
• CCGG Best Practices - 2010 Proxy Circular Disclosure Best Practices
   
• CCGG Best Practices - Disclosure of Director Related Information 2009
   
• CPP Investment Board – Proxy Voting Principles and Guidelines (February, 2011)
   
• Ontario Teachers’ Pension Plan – Corporate Governance Policies and Proxy Voting Guidelines (2012)

Upcoming proposals and amendments

• Revised proposed Amendments to NI 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer (June 17, 2011)
   
• OSC Staff Notice 54-701 Regulatory Developments Regarding Shareholder Democracy Issues (January 10, 2011)

Statement of Executive Compensation

51-102F6 (pre-IFRS) | 51-102F6 (IFRS)

• CSA Staff Notice 51-331 Report on Staff’s Review of Executive Compensation Disclosure (November 20, 2009)
   
• CCGG - 2011 Best Practices for Proxy Circular Disclosure (November 2011)
   
• CCGG Policy – Director Compensation (February 2011)
    
• CCGG Policy - “Say on Pay” Policy for Boards (September 2010) 
   
• CCGG Best Practices - Executive Compensation Related Information (December 2009)
   
• CCGG Executive Compensation Principles (2009)

Upcoming proposals and amendments

• OSC Staff Notice 54-701 Regulatory Developments Regarding Shareholder Democracy Issues (January 10, 2011)

Corporate Governance Disclosure

NI 58-101 Disclosure of Corporate Governance Practices

NP 58-201 Corporate Governance Guidelines

• ISS Canadian Corporate Governance Policy(2012 Updates)
   
• ISS U.S. Corporate Governance Policy (2012 Updates)
   
• ISS 2012 Draft Policies for Comment (October 2011) 
   
• ISS 2011-2012 Policy Survey Summary of Results (September 2011)  
   
• CCGG - 2011 Best Practices for Proxy Circular Disclosure (November 2011)
   
• CCGG - Governance Differences of Equity Controlled Corporations (October 2011)
   
• CCGG Shareholder Democracy Study (June 2011)
   
• CCGG Majority Voting Policy (March 2011)
   
• CSA Staff Notice 58-306 2010 Corporate Governance Disclosure Compliance Review (December 2, 2010)
   
• CCGG Principles – Governance Monitoring, Voting and Shareholder Engagement (December 2010)
  
  CCGG 2011 Board Engagement Strategy (November 2010)
   
• CCGG Policy – Board Engagement With Shareholders (September 2010)
   
• CCGG Guidelines - Building High Performance Boards (March 2010)
   
• CCGG Policy – Model Shareholder Engagement and Say-on-Pay Policy (January 2010) 
   
• Globe and Mail - Board Games 2011 (November 2011)

Upcoming proposals and amendments

• TSX proposed amendments to Part IV of the TSX Company Manual (election of directors, slate voting, etc.) (September 9, 2011)
   
• Proposed NI 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers (July 29, 2011) Also, see "CSA's proposed venture regime seeks to tailor regulation" via www.canadiansecuritieslaw.com
   
• OSC Staff Notice 54-701 Regulatory Developments Regarding Shareholder Democracy Issues (January 10, 2011)
   
• Proposed repeal and replacement of NI 58-101 (December 19, 2008), on hold as per Staff Notice 58-305 (November 13, 2009)

Oil and Gas and Resource Issuers

National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities

NI 43-101 Standards of Disclosure for Mineral Projects

• CSA Staff Notice 51-327 Guidance on Oil and Gas Disclosure (Revised) (December 29, 2011)
   
• OSC Staff Notice 43-704 Mineral Brine Projects and National Instrument 43-101 Standards of Disclosure for Mineral Projects (July 22, 2011)
   
• ASC Oil and Gas Review - 2010 Report (June 2011)
   
• New Version of NI 43-101 effective today (via www.canadiansecuritieslaw.com, June 30, 2011)
   
• CSA Staff Notice 51-327 (Revised) Oil and Gas Disclosure: Resources other than Reserves Data (December 24, 2010)
   
• CSA Staff Notice 51-324 (Revised) Glossary to NI 51-101 (December 24, 2010)
   
• From guidance to law – amendments to NI 51-101 to codify prior guidance and supplement existing requirements (via www.canadiansecuritieslaw.com, October 22, 2010)
   
• ASC Oil and Gas Review – 2009 Report (July 2010)
   
• Rocks don’t change but rules do (re: proposals to amend NI 54-101 via www.canadiansecuritieslaw.com, May 7, 2010)
   
• Also consider exemptive relief from NI 51-101 requirements where issuer satisfies equivalent U.S. disclosure requirements

Continuous Disclosure Reviews

• ASC Corporate Finance Disclosure Report 2011 (December 2011)
   
• CSA Notice 51-334 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2011 (July 15, 2011)
   
• ASC Corporate Finance Disclosure Report 2010 (December 2010)
   
• AMF Activity Report Continuous Disclosure Review Program (December 2010)
   
• OSC Staff Notice 51-706 Corporate Finance Branch Report (October 20, 2010)
   
• CSA Staff Notice 51-332 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2010 (July 9, 2010)