IR Leader
April 24, 2018

CIRI Issues Advocacy Update

Advocacy Update on Consultation Paper 51-404: Considerations for Reducing Regulatory Burden for Issuers

You may recall that the Canadian Securities Administrators (CSA) published a request for comments on April 6, 2017 to which CIRI responded. The CSA issued an update on March 27, 2018 indicating that they will initiate the following six CSA policy projects as a result of the feedback received from CIRI and others:

Prospectus Requirements:
1.     Considering potential alternative prospectus model
2.     Facilitating at-the-market offerings
3.     Revisiting the primary business requirements

Continuous Disclosure Requirements:
1.     Removing or modifying the criteria to file a business acquisition report
2.     Revisiting certain continuous disclosure requirements

Other Securities Regulation Requirements:
1.     Enhancing electronic delivery of documents

While CIRI was supportive of semi-annual reporting, the majority of commenters were not. As such, semi-annual reporting has not been included in the policy projects.

CIRI will monitor developments in these projects, engage with the regulators as appropriate and inform you of progress.

CSA Outlines Disclosure Expectations for Real Estate Reporting Issuers

For those of you in the Real Estate sector, the CSA issued a Staff Notice on disclosure expectations for real estate reporting issuers. The Staff Notice is based on a review that found the quality of disclosure pertaining to distributions and non-GAAP financial measures in the real estate industry needs improvement.

Should you have any comments and/or questions pertaining to our advocacy initiatives, please contact Yvette Lokker directly.