The Compliance Connection

CSA Notice – 52-306 (REVISED) Non-GAAP Financial Measures and Additional GAAP Measures

canaglobe — Thu, 23 Feb 2012 23:07:08 +0000

The Canadian Securities Administrators (“CSA”) has issued a revised notice on February 16, 2012 to provide further guidance on disclosure of additional GAAP measures presented under IFRS. The notice applies to issuers that use IFRS as well as to issuers that use accounting principles other than IFRS. This notice includes updates on:

Non-GAAP Financial Measures
Disclosure Accompanying Non-GAAP Financial Measures
Additional GAAP Measures Presented under IFRS
Disclosing an Additional GAAP Measure Before Filing Financial Statements

You can find the complete notice HERE.

Revised CSA Staff Notice 51-327 Guidance on Oil and Gas Disclosure

canaglobe — Thu, 29 Dec 2011 18:23:48 +0000

The Canadian Securities Administrators (“CSA”) has issued Revised CSA Staff Notice 51-327 Guidance on Oil and Gas Disclosure. This notice provides guidance on compliance with aspects of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) and discusses observations by CSA Staff in reviewing disclosure in light of recent amendments to NI 51-101 and to re-emphasize or expand guidance on some issues discussed in previous versions of this Notice. The revisions in this notice include the following:

new guidance on the general responsibilities of Oil and Gas Issuers and the experts on whom they rely in formulating disclosure of oil and gas information
new guidance on the following disclosure topics:

- disclosure of after-tax net present value of future net revenue

– use of BOEs

– disclosure of well-flow test results

expanded guidance on the following disclosure topics:

– evaluation, classification and disclosure of unconventional hydrocarbons, including revised guidance on disclosure of contingent resources

– classification to the most specific class and category of resource

guidance carried forward from the original version of this Notice with little or no change on the following disclosure topics:

– stand-alone possible reserves

– aggregation of resource estimates for several properties

– use of the term “best estimate”

– prospective resources

You can find the complete notice HERE.

Shareholder Meeting Webinar January 25, 2012

canaglobe — Thu, 29 Dec 2011 00:08:19 +0000

CanaGlobe Compliance Solutions and Olympia Trust Company are pleased to be offering a webinar on Shareholder Meetings. On Wednesday January 25, 2012 we are presenting “Shareholder Meetings – An Overview” which is intended to assist those who will be involved with the shareholder meeting process. This webinar will review the basics including:

bylaws, corporate and securities law and regulations and their effect on the meeting process
decisions to be made throughout the process from starting the meeting to the meeting itself
knowing your shareholders
proxy tabulation process

A question and answer period will follow the presentation.

Watch for additional topics to be presented throughout 2012.

For more information about this webinar and to sign up please visit OUR WEBSITE.

ASC 2011 Corporate Finance Disclosure Report

canaglobe — Tue, 13 Dec 2011 23:08:47 +0000

The Alberta Securities Commission (ASC) has posted to their website the 2011 Corporate Finance Disclosure Report. The purpose of this report is to provide market participants with the ASC’s comments on the quality of continuous disclosure of Alberta reporting issuers for the 2011 year with the objective of improving the quality of future continuous disclosure.

You can view the complete report HERE.

ASC Annual Oil and Gas Webinar

canaglobe — Tue, 13 Dec 2011 23:07:20 +0000

The Alberta Securities Commission (ASC) has posted to their website a copy of the December 8, 2011 Oil and Gas Disclosure Review webinar which may be helpful in the preparation of 51-101 continuous disclosure documents.

You can view the presentation materials and/or the archived webinar HERE.

Globe and Mail Board Games 2011

canaglobe — Thu, 01 Dec 2011 02:38:14 +0000

The Globe and Mail has published Board Games 2011, its 10th annual review and rankings of corporate governance practices of Canadian corporations and income trusts. The rankings, which are based on a series of questions on board composition, shareholding and compensation, shareholder rights and disclosure can be found HERE.

CSA Notice – National Policy 11-201 Delivery of Documents by Electronic Means

canaglobe — Wed, 23 Nov 2011 22:48:45 +0000

The Canadian Securities Administrators (“CSA”) has issued a notice announcing the adoption of amendments to National Policy 11-201 Delivery of Documents by Electronic Means which will came into force on November 18, 2011. The amendments explain how Canadian securities legislation obligations for the delivery of documents may be satisfied by electronic means and have taken into account changes in legislation and technology, ensuring that the policy remains up-to date.

You can find the complete notice with all of the amendments HERE.

CCGG 2011 Best Practices for Proxy Circular Disclosure

canaglobe — Wed, 16 Nov 2011 04:16:03 +0000

The Canadian Coalition for Good Governance (“CCGG”) has published to their website the latest edition in their best practices series, 2011 Best Practices for Proxy Circular Disclosure.

You can find a copy of the document HERE.

ASC’s 2011 Oil & Gas Compliance Review Seminar & Webinar

canaglobe — Wed, 16 Nov 2011 03:41:39 +0000

The Alberta Securities Commission (“ASC”) will host the 2011 Oil & Gas Compliance Review seminar on Wednesday, December 7, 2011 and a webinar on Thursday, December 8, 2011 and will highlight the following key topics:

oil and gas disclosure legislation;
results of 2011 ASC reviews of oil and gas disclosure;
current evaluation, classification and disclosure issues; and
international developments in oil and gas classification.

The cost of the seminar is $50 and the cost of the webinar is $25 per person. Registration for both can be found HERE.

Form 45-106F6 British Columbia Report of Exempt Distribution Webinar

canaglobe — Wed, 05 Oct 2011 16:38:26 +0000

The British Columbia Securities Commission (BCSC) has posted to their website a copy of the September 29, 2011 45-106F6 British Columbia Report of Exempt Distribution webinar which may assist issuers in understanding the new Form 45-106F6.

You can view the presentation materials and/or the archived webinar HERE.