(1) Application – This section applies to material forward-looking information that is disclosed by a reporting issuer other than
(a) forward-looking information contained in an oral statement; or
(b) disclosure that is
(i) subject to the requirements in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities or National Instrument 43-101 Standards of Disclosure for Mineral Projects; or
(ii) made to comply with the conditions of any exemption from the requirements referred to in subparagraph (i) that a reporting issuer received from a regulator or securities regulatory authority unless the regulator or securities regulatory authority orders that this Part applies to disclosure made under the exemption.
(2) Update – A reporting issuer must discuss in its MD&A
(a) events and circumstances that occurred during the period to which the MD&A relates that are reasonably likely to cause actual results to differ materially from material forward-looking information for a period that is not yet complete that the reporting issuer previously disclosed to the public; and
(b) the expected differences referred to in paragraph (a).
(3) Exemption – Subsection (2) does not apply if the reporting issuer
(a) includes the information required by subsection (2) in a news release issued and filed by the reporting issuer before the filing of the MD&A referred to in subsection (2); and
(b) includes disclosure in the MD&A referred to in subsection (2) that
(i) identifies the news release referred to in paragraph (a);
(ii) states the date of the news release; and
(iii) states that the news release is available at www.sedar.com.
(4) Comparison to Actual – A reporting issuer must disclose and discuss in its MD&A material differences between
(a) actual results for the annual or interim period to which the MD&A relates; and
(b) any FOFI or financial outlook for the period referred to in paragraph (a) that the reporting issuer previously disclosed.
(5) Withdrawal – If during the period to which its MD&A relates, a reporting issuer decides to withdraw previously disclosed material forward-looking information,
(a) the reporting issuer must disclose in its MD&A the decision and discuss the events and circumstances that led the reporting issuer to that decision, including a discussion of the assumptions underlying the forward-looking information that are no longer valid; and
(b) subsection (4) does not apply to the reporting issuer with respect to the MD&A
(i) if the reporting issuer complies with paragraph (a); and
(ii) the MD&A is filed before the end of the period covered by the forward-looking information.
(6) Exemption – Paragraph 5(a) does not apply if the reporting issuer
(a) includes the information required by paragraph (5)(a) in a news release issued and filed by the reporting issuer before the filing of the MD&A referred to in subsection (5); and
(b) includes disclosure in the MD&A referred to in subsection (5) that
(i) identifies the news release referred to in paragraph (a);
(ii) states the date of the news release; and
(iii) states that the news release is available at www.sedar.com.