SEC simplifies filings for Canadian issuers

Author: | Published: 1 Sep 2011

A Dodd-Frank mandated change to Security and Exchange Commission (SEC) forms for Canadian issuers has streamlined the filing process for these companies

A requirement of Canadian securities issuers to have their financial statements submitted in accordance to International Financial Reporting Standards (IFRS) makes Multijurisdictional Disclosure System (MJDS) form F-10 criteria less restrictive. This development encouraged the SEC to rescind form F-9, effective 2012.

F-10 required reconciliation to US GAAP until the SEC began accepting financial statements in accordance with IFRS in January of 2008. The Canadian Securities Administrators (CSA) began requiring securities issuers to comply with IFRS on January 1 of this year, making most issuers eligible to register under F-10.

Action by the SEC on F-9 was required because...