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...