Canadian securities regulators say that they are currently considering comments on their proposed continuous disclosure regime, with a with to publishing a revised rule later this year.

On June 21, 2002, the CSA published for comment a new rule regarding continuous disclosure obligations. The new rule would replace existing continuous disclosure obligations of reporting issuers. The CSA are currently considering the public comment on the proposed new rule and are formulating responses. “We aim to complete this work early in 2003 and publish a revised instrument for comment by mid-2003,” it says.

In an effort to assist reporting issuers and their advisers in planning and scheduling directors’ and securityholders’ meetings and continuous disclosure in the coming months, CSA staff advise that the filing deadlines for financial statements under the new regime will not be mandatory for financial years beginning before Jan. 1, 2004. “We will provide more information on the transitional application of [the new rule] when we publish the revised instrument for comment,” it says.