Summary of CSA Roundtable on Response to Cyber Security Incidents

28 04 2017

The Canadian Securities Administrators (“CSA”) issued CSA Staff Notice 11- 336 Summary of CSA Roundtable on Response to Cyber Security Incidents which summarizes the discussions of the roundtable held on February 27, 2017.

The discussions focused the following issues:

  • the response of an entity subject to a cyber security event, including matters related to governance, assessment of damage, personnel involved in decision making and information flow;
  • the response of entities both downstream and upstream from the affected entity, including possible steps that may be taken to minimize the impact to their organizations;
  • people who should be involved in discussions and decision making for a coordinated response to a market-wide incident, including which organizations need to be involved, who should be driving the resolution process and how communication and coordination amongst organizations may be achieved;
  • information that should be communicated internally and externally, including organizations’ communication protocols and information that organizations not directly attacked expect to be supplied with from an affected entity; and
  • factors that may contribute to coordination, communication and collaboration, including what information is needed to ensure smooth coordination and communication among different stakeholders and challenges organizations may face to reach that goal.

 

You can read the Summary of CSA Roundtable on Response to Cyber Security Incidents notice HERE.





CSA Staff Notice – Review of Social Media Used by Reporting Issuers

20 04 2017

The Canadian Securities Administration (“CSA”) published CSA Staff Notice 51-348 Staff’s Review of Social Media Used by Reporting Issuers which summarizes a review conducted by the securities regulatory authorities in Alberta, Ontario and Québec.  The results identified the following three key areas where issuers are expected to improve their social media disclosure practices:

  • Selective or early disclosure when some investors receive material information through social media that other investors do not receive because it is not generally disclosed.
  • Misleading and unbalanced social media disclosure where information is not sufficient to provide a complete picture or is inconsistent with information already disclosed by issuers on SEDAR.
  • Insufficient social media governance policies in place to support social media activity.

You can read the complete notice HERE.

You can find further discussion in the following summaries which may also be of assistance in understanding disclosure by reporting issuers on social media:

The Concerns with Social Media use by Reporting Issuers in Canada – McMillan LLP

Corporate Disclosure by Reporting Issuers on Social Media – Fasken Martineau DuMoulin LLP

CSA Reviews Use of Social Media by Reporting Issuers – Bennett Jones LLP

New Medium, Same Expectations: CSA Cautions Canadian Public Issuers on Use of Social Media – Blake, Cassels & Graydon LLP

 

 

 





CSA Staff Notice 54-305 Meeting Vote Reconciliation

23 02 2017

The Canadian Securities Administrators (CSA) has published CSA Staff Notice 54-305 Meeting Vote Reconciliation Protocols (the “Protocols”).

 The Protocols are voluntary and provide guidance on:

  • generating and sending vote entitlement information;
  • setting up vote entitlement accounts;
  • sending proxy vote information and tabulating and recording proxy votes, and;
  • informing beneficial owners of rejected/pro-rated votes.

The notice which includes the protocols can be found HERE.

You can find further discussion in the following summaries which may also be of assistance in understanding the Protocols:

 CSA Publish Final Proxy Voting Protocols – McMillan LLP

Canadian Securities Regulators Publish Final Proxy Voting Protocols to Improve the Proxy Voting Experience – Fasken Martineau DuMoulin LLP

Canadian proxy voting protocols finalized – Norton Rose Fulbright LLP

Canadian Proxy Reform – The Continuing Story – Computershare Limited





CSA Multilateral Staff Notice 51-347 Disclosure of Cyber Security Risks and Incidents

23 02 2017

The Canadian Securities Administrators (“CSA”) issued Multilateral Staff Notice 51 347 – Disclosure of Cyber Security Risks and Incidents which outlines the findings of a review done by the staff of the British Columbia Securities Commission, Ontario Securities Commission and Autorité des marchés financiers of 240 members of the S&P/TSX Composite Index and provides staff guidance to issuers on incident reporting.

The can read the complete notice HERE.

You can find further discussion in the following summaries which may also be of assistance in understanding disclosure of cyber security risks:

Cyber Risk Management — Regulatory Guidance for Reporting Issuers’ Continuous Disclosure of Cyber Security Risks and Incidents – Borden Ladner Gervais LLP

CSA Issues Guidance on Disclosure of Cyber Security Risks and Breach Incidents – Clark Wilson LLP

Canadian securities regulators issue guidance for Canadian issuers on the disclosure of cyber security risks and incidents – Osler, Hoskin & Harcourt LLP

CSA Provides Guidance on Disclosure of Cyber Security Risks – Goodmans LLP

 





ASC Oil & Gas Review Report Information Sessions

18 01 2017

The Alberta Securities Commission (“ASC”) will host a webinar on Wednesday, January 25, 2017 which will highlight the following topics from the Oil & Gas Review report:

  • disclosure deficiencies observed by the ASC, including errors, omissions and potentially misleading information;
  • disclosure requirements, including those related to the amendments to NI 51-101 that came into effect on July 1, 2015;
  • current regulatory topics of interest; and
  • how to improve oil and gas disclosure.

The cost of the webinar is $25 per person and there will also be an in person session in Calgary. Registration information for the sessions can be found HERE.

You can view the Oil & Gas Report HERE





ASC Corporate Finance Disclosure Information Sessions

14 12 2016

The Alberta Securities Commission (“ASC”) will host a webinar on Tuesday, January, 11, 2017 which will highlight the following topics from the Corporate Finance Disclosure Report:

  • observations outlined in the ASC’s 2016 Corporate Finance Disclosure Report;
  • areas Corporate Finance focused on in 2016 and highlights of continued focus for 2017; and
  • policy and project updates from their legal team.

The cost of the webinar is $25 per person and registration information for all sessions can be found HERE.

There will also be in person sessions in Calgary on January 11th and in Edmonton on January 12th and the cost to attend is $50.00.

You can view the Corporate Finance Disclosure Report HERE.





ASC 2016 Corporate Finance Review

1 12 2016

The Alberta Securities Commission (“ASC”) has posted to their website the 2016 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 2016 year with the objective of improving the quality of future continuous disclosure.

You can view the report HERE.