This Summary is part of the 2017-2020 Strategic Plan of the Autorité des marchés financiers (AMF) to assist corporate issuers in Québec better understand AMF’s expectations with respect to various corporate and financial disclosure requirements. The Summary also highlights AMF’s recent regulatory innovations.
First, the Summary provides a statistical overview of corporate issuers in Québec and their distributions in the public and exempt markets. It also sets out various findings regarding issuers’ compliance with disclosure requirements.
Second, the Summary discusses deficiencies encountered over recent years in AMF’s review of annual reports of issuers including MD&A, press releases, prospectuses and marketing material. The Report illustrates examples of non-compliant vs. compliant disclosure, supported by advice and AMF guidance.
Third, the Summary sets out AMF’s issue-oriented reviews that it intends to pursue in 2017-2018, including disclosure of risks related to climate change, the impact of new IFRS rules, compliance with guidance on non-GAAP financial information, and the representation of women on boards and executive positions. The Summary also highlights AMF’s focus on new legislation aimed at more transparency in the mining, and oil and gas industries in Québec, intended to detect and discourage corruption and to foster social acceptability of projects in these areas. The AMF wants corporate issuers to be aware that it tracks corporate transactions in real-time to check consistency over time of a company’s disclosure documents. The AMF will also focus on certain issues that it will focus on regarding exemptive relief applications and new requirements for exempt distributions.
With this Summary, the AMF also offers a convenient table of its regulatory initiatives on financing and continuous disclosure obligations of companies.