CSA/ACVM Canadian Securities Autorités canadiennes Administrators en valeurs mobilières CSA Staff Notice 51-308 Filing of Management’s Discussion and Analysis and National Instrument 51-102 Continuous Disclosure Obligations Introduction The CSA have published an advance notice of the expected implementation of National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102). When implemented, NI 51-102 will specify the form of management’s discussion and analysis (MD&A) that reporting issuers, other than investment funds, are required to file. Issuers that are subject to NI 51-102 will be required to file MD&A in Form 51-102F1 for financial years beginning on or after January 1, 2004. As a result, the first MD&A that must be filed in Form 51-102F1 for an issuer with a December 31 year-end will be for the first interim period ending March 31, 2004. Form 51-102F1 provides that, if the first MD&A an issuer is required to file in that form is not an annual MD&A, the first MD&A must provide all the information required in the annual MD&A. The result is that the first interim MD&A filed for interim periods ended on or after March 31, 2004 will have to contain all elements of the annual MD&A in Form 51-102F1. Current MD&A requirements will be modified to give issuers the option of filing their annual MD&A for fiscal years beginning before January 1, 2004 in Form 51-102F1. If issuers choose this option, their MD&A for subsequent interim periods would update their annual MD&A. Questions Please refer your questions to any of the following people: British Columbia Securities Commission Carla-Marie Hait, Chief Accountant (604) 899-6726 Michael Moretto, Associate Chief Accountant (604) 899-6767 Rosann Youck, Senior Legal Counsel (604) 899-6656 You may also call 1-800-373-6393 from B.C. and Alberta. Alberta Securities Commission Mavis Legg, Manager, Securities Analysis (403) 297-2663 Karen Wiwchar, Senior Legal Counsel (403) 297-4732 Manitoba Securities Commission Bob Bouchard, Director, Corporate Finance (204) 945-2555 Nova Scotia Securities Commission Bill Slattery, Deputy Director, Corporate Finance and Administration (902) 424-7355
2 Ontario Securities Commission Joanne Peters, Senior Legal Counsel (416) 593-8134 Irene Tsatsos, Senior Accountant (416) 593-8223 Commission des valeurs mobilières du Québec Rosetta Gagliardi, Conseillère en réglementation (514) 940-2199 ext. 4554 Saskatchewan Financial Services Commission – Securities Division Ian McIntosh, Deputy Director, Corporate Finance (306) 787-5867 December 19, 2003
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