Learn more about what the ASC is doing to support market participants and investors.
Sep 06, 2018
Calgary and Montreal - The Canadian Securities Administrators (CSA) today published for comment Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (the Proposed Instrument), which establishes disclosure requirements for issuers that disclose non-GAAP and other financial measures. These measures often lack standardized meanings, resulting in potentially misleading or confusing disclosure.
“We are proposing clear and comprehensive requirements for the presentation of non-GAAP and other financial measures in a manner that meets investors’ needs for quality information,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “These requirements would also provide CSA Staff with a stronger tool to take appropriate regulatory action, when warranted.”
When implemented, the Proposed Instrument will provide authoritative Canadian securities legislative requirements for issuers when they disclose non-GAAP and other financial measures. The Proposed Instrument would replace Staff Notice 52-306 (Revised) Non-GAAP Financial Measures, which provided guidance to help ensure such disclosure is not misleading. Staff Notice 52-306 was issued in 2003 and updated several times subsequently to respond to changing circumstances.
Additionally, the Proposed Instrument:
Non-GAAP and Other Financial Measures DisclosureProposed National Instrument 52-112 and related documents are available on CSA members’ websites. Comments should be submitted in writing by December 5, 2018.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For more information:
Hilary McMeekin Alberta Securities Commission 403-592-8186
Andrew Poon British Columbia Securities Commission 604-899-6880
Jason Booth The Manitoba Securities Commission 204-945-1660
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
Craig Whalen Office of the Superintendent of Securities Newfoundland and Labrador 709-729-5661
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Kristen Rose Ontario Securities Commission 416-593-2336
David Harrison Nova Scotia Securities Commission 902-424-8586
Steven Dowling Government of Prince Edward Island Superintendent of Securities 902-368-4550
Jeff Mason Nunavut Securities Office 867-975-6591
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305