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The Capital Markets Leadership Task Force (CMLTF) was initiated by the major CA firms and the CA profession in response to the rapidly changing capital market reporting environment. The CMLTF quickly evolved to a common interest group of stakeholders in Canada’s capital markets, with administration provided by the Canadian Institute of Chartered Accountants. Its mission is to bring together representatives from the key stakeholders in Canadian capital markets to propose and encourage reforms aimed at ensuring those markets compete effectively with the US capital markets and to improve access to capital and reduce the cost of capital for public entities. Although the CMLTF has no authority itself to add to or change existing regulations or standards, it acts as a catalyst to encourage initiatives that will contribute to the competitiveness of Canadian capital markets.
Maintaining Quality Capital Markets Through Quality Information
This Discussion Paper was prepared for the CMLTF to portray the current environment and delve into key issues involved in protecting the quality of Canadian capital markets in order to stimulate thought and discussion. Accordingly, the Discussion Paper summarizes existing regulatory requirements in connection with financial information that is disseminated into the capital markets, the roles played by management, the Board/audit committee, the auditor and securities regulators in ensuring the quality of that information. It sets out a series of propositions to improve reporting in Canada’s capital markets, together with their costs and benefits. The CMLTF accepted the Discussion Paper at its meeting on April 5, 2006. The views expressed are solely those of the author, however, and may not represent those of Task Force members. Readers are encouraged to contribute to the discussion by submitting their comments to Professor Boritz at jeboritz@watarts.uwaterloo.ca. Summary of the Discussion Paper Discussion Paper Media Release |