The Canadian Securities Administrators (CSA) today issued guidance to help smaller issuers understand their continuous disclosure obligations.

CSA Staff Notice 51-316 Continuous Disclosure Review of Smaller Issuers summarizes common deficiencies found within the continuous disclosure record of smaller issuers, primarily focusing on financial statements and Management Discussion and Analysis (MD&A).

“By summarizing some of the most common continuous disclosure deficiencies, this notice will serve as a great resource to smaller issuers in their effort to meet their disclosure obligations,” said Jean St-Gelais, chairman of the CSA and president and CEO of the Autorité des marchés financiers.

To ensure guidance reaches smaller issuers, the CSA will email a copy of the notice to all issuers with assets under $25 million.

The Ontario Securities Commission will also mail copies of the notice to Ontario issuers with assets under $5 million.

“Smaller issuers make up a significant segment of Canada’s issuer population, and all issuers, both large and small, must comply with securities regulations. We believe this notice is an efficient way to address some of the deficiencies we have seen particularly from smaller issuers,” said Jean St-Gelais.