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International Business & Trade

Canadian Filings and Annual Reports

Check Company website-most companies will have an Investor Relations section

  • Companies file electronically to commissions across the country with the SEDAR database which is operated by a national service, The Canadian Depository for Securities Ltd. (CDS). 
  • There is no national regulator in Canada. 
  • Companies must file with provincial regulators.
  • The biggest provincial regulator is the Ontario Securities Commission (OSC).

The most commonly used regulated filings are: the Financial Statements and the Management Discussion & Analysis.

SEDAR provides access to electronic filings submitted by public companies and mutual funds to the Canadian Securities Administrators from January 1997 to the present.

Canadian Companies Traded in the US

  • International companies with securities traded in the U.S. must file reports with the Securities & Exchange Commission  (SEC).
  • The SEC  is the national regulator that public companies must file with.
  • All filings are found in the EDGAR database.
  • Who files:
    • U.S. public parent companies
    • International companies with securities traded in the U.S. must also file (20F)

 Most frequently referenced filings: (Note: Annual Reports are NOT an SEC Filing)

  • 20F = annual filing of non U.S. public parent companies trading in the U.S.
  • 10K = company's annual financials (THE major filing)
  • 10Q = company's unaudited quarterly financials
  • 8K = disclosure of unscheduled significant events
  • DEF 14A (Proxy Statement) = matters voted on at annual shareholders meeting
  • 6-K = filing by foreign issuers  which contains any information that a foreign company issues to its local securities regulators, investors or stock exchange

For more Information on SEC filings see SEC Forms Guide (Lexis Securities Mosiac)

EDGAR: Official database of SEC filings. Note: annual reports are NOT official filings and thus not in EDGAR

What's in an MD&A?

Management's explanation of events affecting the company's performance and management's expectations for the coming year, including:

  • core business
  • objectives and strategy
  • capability to deliver results - resources, risks and relationships
  • results and outlook
  • key performance measures and indicators

Adopted from: Management's Discussion and Analysis-Guidance on preparation and disclosure (Chartered Professional Accountants Canada-CPA. 2014)

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