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






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