The Canadian Securities Administrators have published a staff notice of frequently asked questions concerning the special disclosure rules for oil and gas activities.

The CSA rule requires reporting issuers with material oil and gas activities to disclose certain information. These are generally minimum disclosure requirements.

Additional disclosure is often helpful, the CSA notes, and may be necessary to give investors a reasonable understanding of the issuer’s oil and gas activities.

“In all cases, such disclosure must be consistent with the principles and any applicable specific requirements or restrictions under [the rule]. Disclosure must never mislead,” it notes. The FAQ provides guidance to issuers that are subject to the rule on recurring issues that can arise in connection with such additional “voluntary” disclosure.