A global review of disclosure requirements by the International Organization of Securities Commissions (IOSCO) has found that although these provisions vary from country to country, further research is needed to determine whether this represents a concern for regulators.

The results of the review of the implementation of certain IOSCO principles related to the frequency and timeliness of disclosure to investors by both issuers and so-called collective investment schemes (CIS), such as mutual funds, were published in an IOSCO report on Thursday.

The review examined the rules in 37 different jurisdictions, including both Ontario and Quebec, in order to assess the current range of regulatory approaches at implementing principles that call for accurate and timely disclosure of financial results by issuers, and the disclosure needed to evaluate the suitability of a fund for a particular investor.

In terms of issuer disclosure, the IOCSO review found differences between jurisdictions around whether and when certain information is required to be disclosed. It also found that requirements varied according to the type of issuer, and the type of information.

As for investment funds, the ISOCO review found more similarities. I found that timely disclosure requirements on value, risk reward profile, and costs, are in place for all jurisdictions. This sort of information is disclosed as soon as significant changes occur that may affect the valuation of a fund, or that can influence an investor’s decision, the IOSCO report says. The review also detected similarities in the periodic disclosure requirements for funds.

A number of interrelated issues that emerged from the review may need further consideration by regulators, the ISOCO report notes.”A separate assessment would need to be undertaken to ascertain the causes of these differences and/or similarities across jurisdictions, whether the results create a cause for concern for IOSCO and whether it warrants any further policy guidance or revision to the IOSCO methodology,” the report concludes.