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OSC Tightens Rules on Environmental Reporting


Area Corporate Finance and Securities, Environmental Law


Disclosures by publicly traded issuers concerning environmental matters present unique challenges.  These challenges arise because although an increasing amount of attention is focused on environmental matters generally, environmental issues are by their nature especially difficult to quantify. Notwithstanding the difficulties inherent in environmental disclosures, the Ontario Securities Commission (OSC) has issued clear notice that “boilerplate disclosure” on environmental-related matters, in annual information forms (AIF) and in quarterly and annual management discussion and analysis (MD&A) of financial results, is not acceptable.  Given the potential for liability associated with misrepresentations, environmental disclosures are clearly a matter warranting increased attention.


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