The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a final report entitled Principles for Periodic Disclosure by Listed Entities. The report sets out recommendations for disclosures that could be provided in the periodic reports, particularly annual reports, of listed entities whose securities are listed or admitted to trading on a regulated market in which retail investors participate.

The report identifies the following principles as essential for any periodic disclosure:

  • Periodic reports should contain relevant information.
  • For those periodic reports in which financial statements are included, the persons responsible for the financial statements provided should be clearly identified, and should state that the financial information provided in the report is fairly presented.
  • The issuer’s internal control over financial reporting should be assessed or reviewed.
  • Information should be available to the public on a timely basis.
  • Periodic reports should be filed with the relevant regulator.
  • The information should be stored to facilitate public access to the information.
  • Disclosure criteria.
  • Equal access to disclosure.
  • Equivalence of disclosure.

The report is intended to provide a useful framework for regulators that are reviewing or revising their regulatory disclosure regime for periodic reports. The proposed principles complement IOSCO’s existing disclosure principles which provide guidance for:

  • International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers.
  • International Disclosure Principles for Cross-Border Offerings and Listings of Debt Securities by Foreign Issuers.
  • Principles for Ongoing Disclosure and Material Development Reporting by Listed Entities.

View Principles for Periodic Disclosure by Listed Entities - Final Report, 22 February 2010