Canadian Securities Regulators Emphasize Disclosure Obligations for Current Market Conditions

    TORONTO, Jan. 8 /CNW/ - The Canadian Securities Administrators (CSA)
published today CSA Staff Notice 51-328 to assist reporting issuers in
preparing their financial statements and Management's Discussion and Analysis
(MD&A) in the current market environment.
    The notice highlights some specific areas for which clear disclosure will
be important to help investors understand the risks and circumstances facing
issuers. It outlines areas for consideration, including financial instruments,
going concern, impairment of goodwill and long-lived assets, and discusses
additional considerations for junior resource companies.
    The current economic uncertainty and financial market volatility make it
especially important for an issuer to clearly disclose the present and
anticipated impacts of market conditions on its operations, financial
condition, liquidity and future prospects.
    Receiving information necessary to understand an issuer's current and
prospective financial position and its operating results is critical for
investors. Therefore, MD&A disclosure should be sufficiently detailed and
avoid boilerplate statements. The areas discussed in the notice are not new
requirements and should not be considered an exhaustive list. Rather, they are
intended to provide guidance to issuers.

    The CSA, the council of the securities regulators of Canada's provinces
and territories, co-ordinates and harmonizes regulation for the Canadian
capital markets.

For further information:

For further information: Laurie Gillett, Ontario Securities Commission,
(416) 595-8913; Sylvain Théberge, Autorité des marchés financiers, (514)
940-2176; Ken Gracey, British Columbia Securities Commission, (604) 899-6577;
Mark Dickey, Alberta Securities Commission, (403) 297-4481; Marc Gallant,
Office of the Attorney General, Prince Edward Island, (902) 368-4552; Fred
Pretorius, Yukon Securities Registry, (867) 667-5225; Donn MacDougall,
Northwest Territories Securities Office, (867) 920-8984; Ainsley Cunningham,
Manitoba Securities Commission, (204) 945-4733; Wendy Connors-Beckett, New
Brunswick Securities Commission, (506) 643-7745; Natalie MacLellan, Nova
Scotia Securities Commission, (902) 424-8586; Barbara Shourounis, Saskatchewan
Financial Services Commission, (306) 787-5842; Doug Connolly, Financial
Services Regulation Div., Newfoundland and Labrador, (709) 729-2594; Louis
Arki, Nunavut Securities Office, (867) 975-6587

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