IOSCO Encourages Issuers to Provide "High Quality" Disclosures Concerning the Impact of COVID-19
Commentary by Steven Lofchie
IOSCO urged issuers of securities to make "timely and high quality" disclosures, that are entity-specific, about the impact of COVID-19 on an issuer's operating performance, financial position, liquidity, and future prospects. IOSCO also emphasized the responsibilities to which auditors and members of an issuer's audit committee are subject, particularly in dealing with measures that have some measure of subjectivity to them.
Commentary
The U.S. regulators have issued similar warnings to corporate and public issuers as to the quality of their disclosures. See, e.g. SEC Urges Muni Issuers to Improve Forward-Looking Disclosures and SEC Chair Clayton and Commissioner Peirce Stress Importance of Disclosures during the Pandemic.