Investor advocates protest FASB proposals to change threshold for corporate disclosure. MarketWatch reported that, at a recent Securities and Exchange Commission Investor Advisory Committee meeting, investors objected to a controversial proposal from the Financial Accounting Standards Board (FASB) to change the threshold for corporate disclosure. The proposal changes the definition of materiality that company accountants and external auditors would use when reviewing what financial statement disclosures make it into quarterly and annual reports. The proposal’s two drafts are now open for public comment. One aims to clarify the concept of materiality while the other explains how to apply discretion when determining what disclosures should be included in financial statements. The FASB remarked that the updates were intended to “improve the effectiveness of disclosures in notes to financial statements.”
(10/19/2015) MarketWatch story.
OSC’s summaries of exempt distribution information. Starting in October 2015, the Ontario Securities Commission (OSC) will be posting, on a regular basis,summaries of reported exempt distributions on the OSC website. The summaries include the following information regarding the distribution: the submission date of the report; the name of the issuer of the securities; the distribution date (or first distribution date where there are multiple distribution dates identified in a single report); the amount of capital raised in Ontario; and the number of purchasers in Ontario. The summaries will be posted as Excel files to facilitate the use, search and analysis of the data by stakeholders. (10/15/2015) OSC press release.
OSC posts Policy Reformulation Table of Concordance and List of New Instruments. The OSC has posted its Policy Reformulation Table of Concordance and List of New Instruments to help market participants identify the status of instruments that existed before the Policy Reformulation Project. The Table shows the treatment of each National Policy, Uniform Act Policy, OSC Policy, Blanket Ruling, CSA Notice, OSC Notice, Principles of Regulation, Staff Accounting Communiqué, Registration Section Clarification Note, and Interpretation Note in existence prior to Reformulation. The Table indicates whether the relevant instrument has been published for comment as a new instrument (under Reformulation), finalized, or is under consideration, or whether the instrument has been or is proposed to be repealed, rescinded, or withdrawn. The List of New Instruments represents views of the OSC staff. (10/9/2015) OSC press release.
CSA encourages investors to check registration prior to investing. As part of its Investor Education Month initiative, the Canadian Securities Administrators (CSA) is encouraging investors to check the registration status of firms and individuals selling securities or offering investment advice, by using the CSA’s online tool — the National Registration Search. (10/6/2015) CSA press release.