An issuer filing a prospectus, listing its securities on a Canadian stock exchange or acquiring a Canadian reporting issuer through a share exchange transaction, will become a “reporting issuer,” and thereby become subject to various continuous and timely disclosure obligations. These include the requirement to prepare and file quarterly and annual financial statements and the related management’s discussion and analysis, as well as an annual information form and reports with respect to material changes in the affairs of the issuer. Directors, officers and other “insiders” of the issuer will be required to file reports with respect to any trading they conduct in securities of the issuer and will be precluded from trading in the issuer’s securities if they possess any material non-public information about the issuer. Management information circulars must be prepared for annual and special shareholder meetings and must contain prescribed disclosure, including comprehensive disclosure on executive compensation in the case of annual general meetings or other meetings where directors will be elected or executive compensation will be voted on.

See Chinese version below.

Foreign issuers that meet certain conditions and have become reporting issuers in Canada, whether by listing on a Canadian exchange or by acquiring a Canadian reporting issuer through a share exchange transaction, may generally satisfy their ongoing continuous disclosure obligations in Canada by filing their home jurisdiction documents.

The CSA has adopted various instruments modeled on U.S. Sarbanes-Oxley legislation. These include a national instrument on auditor oversight, a national instrument requiring CEO and CFO certifications and a national instrument on audit committees. In addition, a national instrument and a national policy have been adopted on corporate governance. The latter sets out guidelines for corporate governance; the former requires issuers to disclose, on an annual basis, their corporate governance practices.

Canadian and U.S. securities regulatory authorities have implemented a multi-jurisdictional disclosure system (MJDS) that enables securities of large U.S. issuers to be offered to the public in Canada using a U.S. registration statement that has been reviewed only by the U.S. Securities and Exchange Commission (SEC). Corporations with securities listed on a Canadian stock exchange are subject to the rules and regulations of that exchange.

持续信息披露义务

在加拿大提交招股说明书的，在加拿大证券交易所上市的，或通过证券交易收购一家有加拿大披露义务的发行人，均使其成为“有披露义务的发行人”（“reporting issuer”），从而将负有各种适时和不断的信息披露义务。此信息披露义务列有按要求准备并递交季度和年度财务报表与对其相关的管理层讨论和分析，以及有关发行人重大事务变更的年度信息报表和报告。发行人的董事、高级管理人员和其它“内幕人士”均须按规定提交关于他们对发行人证券交易的报告。另外，如果他们知悉发行人任何未公开的重要信息，将会被禁止对发行人证券的交易。

还有，在召开股东普通年会和临时大会前，发行人须准备一份管理层信息通告，该通告必须包含规定的综合信息披露。此外，如果任何股东大会涉及到有关董事选举或对管理层薪酬投票表决，该通告必须全面的对高管的薪酬信息进行披露。

对于那些有加拿大披露义务的外国发行人，无论其是在加拿大证券交易所上市的还是收购有加拿大披露义务发行人的，在符合规定条件时，它们一般可以通过提交其所属国的披露文件来完成加拿大的持续信息披露义务。

加拿大证券管理员（简称“CSA”）已经采纳了仿照美国萨班斯-奥克斯利法案的各种法规，其中包括关于审计监督,首席行政官（简称“CEO”）和首席财务官（简称“CFO”）鉴定事项，以及规范审计委员会的国家级文书。这些文书要求发行人按年度披露公司治理的实践。此外，CSA　还采纳了规范公司治理的指导原则的国家级文书和政策。

加拿大和美国的证券管理部门实施了多地区披露系统（简称“MJDS”），该系统使得美国大型发行人可以只采用由美国证券交易委员会（简称“SEC”）审查过的美国登记文件在加拿大公开发行证券。证券在加拿大证券交易所上市的公司则需遵守所在交易所的规则和规定。