The Ontario Securities Commission (OSC) has published its annual Corporate Finance Branch Report, identifying key areas of focus in fiscal 2021 included management discussion and analysis disclosure, COVID-19 disclosure, mining technical reports, the use of non-GAAP financial measures, as well as diversity on boards and in executive officer positions.
The report also highlights critical policy initiatives affecting reporting issuers' disclosure, such as proposed changes to the requirements to streamline and clarify annual and interim filings, the publication of proposed climate-related disclosure requirements, as well as considerations around broader diversity.
OSC meets important milestones
"Capital raising in Ontario continues to grow at a rapid and unprecedented rate with the branch receiving a record number of prospectus filings over the past year," said Sonny Randhawa, Director, Corporate Finance at the OSC. "Despite these operational volumes, we have successfully met important publication milestones on several key policy initiatives."
In fiscal 2021, more than 570 prospectuses filed in Ontario were completed, representing an almost 50-per-cent increase from the previous year and volumes not seen in more than a decade. The OSC published best practice guidance in January to assist issuers in capital raising efforts.