The OSC has adopted OSC Policy 51-604 Defence for Misrepresentations in Forward-Looking Information. The purpose of this Policy is to outline the OSC’s views on some of the policy considerations underlying the defence for misrepresentations in forward-looking information contained in an issuer’s disclosure. The Policy explains how the OSC approaches the interpretation of certain aspects of the defence, including: (i) the “proximate” requirement; (ii) the required content of applicable risk factor and assumption disclosure; (iii) the “reasonable basis” requirement; and (iv) the operation of the defence with respect to oral statements containing forward-looking information.