A report from the Ontario Securities Commission (OSC), released Thursday, outlines some of the current policy initiatives and regulatory trends under consideration by the OSC. These include management’s discussion and analysis (MD&A), forward-looking information and non-GAAP financial measures, among other areas, the OSC said in a statement accompanying the release of OSC Staff Notice 51-727 Corporate Finance Branch 2015-2016 Annual Report.

“In the coming fiscal year, we intend to closely monitor the use of non-GAAP financial measures in issuers’ disclosures and hope to see improvements in the quality of disclosure in issuers’ MD&A,” said Huston Loke, Director of Corporate Finance at the OSC. “Issuers and their advisors should use this report to strengthen the quality of their disclosure in these areas,” the statement says.

Policy initiatives of the finance branch in the 2015-2016 fiscal year also include an update on the reform of the exempt market, including the offering memorandum prospectus exemption and a new crowdfunding regime, the statement notes. The final versions of these two items were outlined in the finance branch’s previous annual report.

OSC plans to deliver new exemptions this fall

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