The Canadian Securities Administrators says it is generally satisfied with the compliance it has found with continuous disclosure requirements.

The CSA today published a staff notice that summarizes the results of its review program for the year ended March 31. During the period, the CSA completed 854 CD reviews, including 442 full reviews and 412 issue-oriented reviews, into areas such as asset-backed commercial paper, new accounting requirements including financial instruments and mining technical disclosure reviews.

Regulators say that in general they were satisfied with the level of compliance they found — 39% of the reporting issuers reviewed were not required to amend disclosure documents or make further disclosure enhancements, and another 36% were requested to make enhancements to their disclosure in future filings.

However, the regulators also found that some reporting issuers had significant deficiencies, which resulted in refilings of certain documents (19%), referrals to enforcement (5%) and cease trade orders (1%).

“Any person or company seeking to invest in the Canadian capital markets can do so with confidence knowing that our CD reviews are rigorous, timely and focused,” said CSA Chairman Jean St-Gelais. “CD reviews are critically important and the CSA will work to ensure that issuers continue to provide complete, accurate and timely information.”

There are 4,200 reporting issuers in Canada, other than investment funds, that are subject to regular full reviews and issue-oriented reviews as part of the CSA CD review program.

CSA Staff Notice 51-326 Continuous Disclosure Review Program Activities for Fiscal 2008 is available on various CSA members’ Web sites.