Material Change Disclosures and COVID-19

The Novel Coronavirus (“COVID-19”) pandemic has caused disruption of varying levels and continues to affect many nations across the globe. This widespread disruption has impacted companies in different ways and has resulted in new and innovative ways to ensure business continuity and in some cases, has caused a negative impact on operations and profitability. In the case of impacted entities which are registered as reporting issuers with the Trinidad and Tobago Securities and Exchange Commission (TTSEC) certain disclosure based legislative reporting requirements are required to be completed in order to maintain transparency and for the benefit of the investing public. In this article, we will focus on the issue of material change disclosures during this unprecedented period and its importance to investors when assessing the affairs of a reporting issuer. 

A reporting issuer is an entity that is registered with the Commission pursuant to Section 61(1) of the Securities Act, 2012 (“the Act”). A reporting issuer can be broadly defined as an issuer that issued securities under a prospectus or has its securities traded in a securities market. Reporting issuers are obligated to provide investors with complete, accurate and timely information as part of their continuous disclosure requirements. 

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