OSC Releases Corporate Finance Branch Report for 2008

    TORONTO, Sept. 12 /CNW/ - The Ontario Securities Commission (OSC) today
released Staff Notice 51-706 Corporate Finance Branch Report 2008, which
summarizes the activities of the Corporate Finance Branch for the 2008 fiscal
    The OSC has oversight responsibility for approximately 1,100 reporting
issuers who collectively represent $696 billion, or 34% of Canada's total
market capitalization. This year, the OSC Corporate Finance Branch conducted
452 continuous disclosure reviews, of which 256 were targeted reviews into
areas including compliance with the financial instruments standards of the
Canadian Institute of Chartered Accountants (CICA), asset-backed commercial
paper and stock option granting practices.
    "This report provides guidance designed to assist our stakeholders in
complying with their regulatory obligations," said Margo Paul, Director of
Corporate Finance. "The report gives us an opportunity to highlight areas of
concern and tell issuers about new developments that will impact them in the
coming year."
    In 2008, 16% of the issuers reviewed were required to restate and refile
materials, to make retroactive changes or to file material that had not
previously been filed. The majority of these refilings were as a result of
deficient MD&A, non-compliance with both MI 52-109 Certification of Disclosure
in Issuers' Annual and Interim Filings and with the CICA's new financial
instruments standards.
    In the coming year, the Corporate Finance Branch will focus on several
areas relating to new accounting standards and regulatory developments
including financial instruments disclosure. Staff Notice 51-706 also
highlights areas that will require issuer compliance in advance of the
transition to International Financial Reporting Standards in 2011.
    Staff Notice 51-706 Corporate Finance Branch Report 2008  is available in
the Rules, Policies & Notices section of the OSC website www.osc.gov.on.ca.

For further information:

For further information: For Media Inquiries: Wendy Dey, Director,
Communications & Public Affairs, (416) 593-8120; Laurie Gillett, Manager,
Public Affairs, (416) 595-8913; Carolyn Shaw-Rimmington, Assistant Manager,
Public Affairs, (416) 593-2361; For Investor Inquiries: OSC Contact Centre,
(416) 593-8314, 1-877-785-1555 (Toll Free)

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