On 2 July 2009, a consultation paper making preliminary recommendations that issuers should consider when preparing periodic reports, particularly annual reports, of listed entities was published by the Technical Committee of International Organisation of Securities Commission (IOSCO).

In particular, the IOSCO considered the following to be essential to any periodic disclosure regime:

  • That the reports are produced on a timely basis and contain relevant information.
  • If the report contains financial information, those responsible for the financial statements should be identified and should state that the financial information provided in the report is fairly presented.
  • The reports should be filed with the relevant regulator and stored to enable the public to access the information easily.
  • The issuer's internal control over financial reporting should be assessed or reviewed.