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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 Staff Notice 52-720 Office of the Chief Accountant Financial Reporting Bulletin (February 2012)
   
• CSA Staff Notice 52-306 (Revised) Non-GAAP Financial Measures and Additional GAAP Measures (February 17, 2012)
   
• 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)
   
• 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

• CSA Staff Notice 51-337 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2012 (July 19, 2012) Also see CSA release continuous disclosure review report for fiscal 2012 (July 20, 2012)
   
• 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

• Multilateral CSA Staff Notice 51-338 Continuous Disclosure and Prospectus Requirements Relating to Documents Prepared Under the U.S. Securities and Exchange Act of 1934 (March 7, 2013) Also, see CSA clarify disclosure requirements when relying on disclosure documents to satisfy Canadian disclosure obligations (March 7, 2013)
   
• OSC Staff Notice 51-720 Issuer Guide for Companies Operating in Emerging Markets (November 9, 2012) Also see "OSC provides governance guidance for emerging market issuers" (November 13, 2012)
   
• CSA Staff Notice 51-328 Continuous Disclosure Considerations Related to Current Economic Conditions (January 8, 2009)
   
• CICA – MD&A - Guidance on Preparation and Disclosure (July 2009)
   
• 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 (revised) (September 13, 2012) Also, see "CSA revise proposals regarding venture issuer governance and disclsoure" (September 13, 2012)
   
• MI 51-105 Issuers Quoted in the U.S. Over-The-Counter Markets (July 31, 2012) Also see our list of Blanket Orders
   
• 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)
  

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

• Glass Lewis Proxy Paper Guidelines (Canada - 2013 Proxy Season) See also Glass Lewis releases 2013 Canadian policy guidelines (November 29, 2012)
   
• ISS Policy - Canadian Corporate Governance Policy (2013 Updates) See also "ISS updates 2013 proxy voting guidelines" (November 22, 2012). For the consolidated 2013 policy, see 2013 Canadian Proxy Voting Guidelines
   
• TSX amendments to Part IV of the TSX Company Manual (election of directors, slate voting, etc.) (effective December 31, 2012) See also TSX adopts changes to director elections and majority voting (October 4, 2012) and Further thoughts on TSX changes to director elections and majority voting (October 18, 2012)
   
• TSX provides disclosure guidance for transactions requiring security holder approval (October 3, 2012)
    
• CPP Investment Board - Proxy Voting Principles and Guidelines (February 2012)
   
• ISS U.S. Corporate Governance Policy (2012 Updates) Also see, "A summary of ISS' white paper on evaluating pay-for-performance alignment" (January 10, 2012)
    
• ISS 2011-2012 Policy Survey Summary of Results (September 2011)  
     
• 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
    
• Ontario Teachers’ Pension Plan – Corporate Governance Policies and Proxy Voting Guidelines (2013)

Upcoming proposals and amendments

• 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 - Best Practices - Executive Compensation Principles (January 2013) Also, see CCGG releases 2013 Principles of Executive Compensation (December 18, 2012)
   
• CCGG - 2012 Best Practices for Proxy Circular Disclosure (2012)
   
• CCGG Policy – Director Compensation (February 2011)
    
• CCGG Policy - Model “Say on Pay” Policy for Boards (September 2010) 
   
• CCGG Best Practices - Executive Compensation Related Information (December 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(2013 Updates)
   
• ISS U.S. Corporate Governance Policy (2013 Updates)
    
• CCGG - 2012 Best Practices for Proxy Circular Disclosure (2012)
   
• 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 2012 Board Engagement Strategy (January 2012)
   
• CCGG Principles – Governance Monitoring, Voting and Shareholder Engagement (December 2010)
   
• CCGG Policy – Board Engagement With Shareholders (September 2010)
   
• CCGG Policy - Model "Say on Pay" Policy for Boards (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 2012 (November 2012)

Upcoming proposals and amendments

• TSX amendments to Part IV of the TSX Company Manual (election of directors, slate voting, etc.) (effective December 31, 2012) See also TSX adopts changes to director elections and majority voting (October 4, 2012) and Further thoughts on TSX changes to director elections and majority voting (October 18, 2012)
   
• Proposed NI 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers (revised) (September 13, 2012) Also, see "CSA revise proposals regarding venture issuer governance and disclsoure" (September 13, 2012)
   
• 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 - 2011 Report (July 2012)
   
• New Version of NI 43-101 effective today (via www.canadiansecuritieslaw.com, June 30, 2011)
    
• 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)
    
• Rocks don’t change but rules do (re: proposals to amend NI 54-101, May 7, 2010)
   
• Also consider exemptive relief from NI 51-101 requirements where issuer satisfies equivalent U.S. disclosure requirements
   
• Also see www.canadianmininglaw.com

Continuous Disclosure Reviews

• CSA Notice 51-337 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2012 (July 19, 2012) See also CSA release continuous disclosure review report for fiscal 2012 (July 20, 2012)
   
• ASC Corporate Finance Disclosure Report 2012 (December 2012)
     
• AMF Activity Report for the Continuous Disclosure Review Program (October 2012)
   
• OSC Staff Notice 51-706 Corporate Finance Branch Report (October 20, 2010)