TIMELY DISCLOSURE National Policy 51-201 – Disclosure Standards (“NP 51-201) applies to all reporting issuers in any Canadian jurisdiction. This policy statement does not replace the disclosure requirements set out in the provincial securities statutes and compliance with it must be supplementary to compliance with the relevant provincial statutes. Moreover, if securities of an issuer are listed on one or more stock exchanges in Canada, the issuer must also comply with the rules of the relevant exchange(s) concerning timely disclosure. NP 51-201 was adopted to address concerns about the practice of selective disclosure, which occurs when a company discloses material non-public information to one or more persons or companies and not broadly to the investing public. The practice of selective disclosure can contribute to illegal insider trading and undermines retail investors’ confidence in the fairness and integrity of the capital markets. The policy has two aims:  1) To ensure that investors have equal access to important information that may affect their investment decisions; and 2) To help companies navigate between business pressures and legislative requirements. NP 51-201 does not introduce new law in the area of selective disclosure, as Canadian securities legislation on the subject of “tipping” already prohibits selective disclosure. However, given public concerns as to some industry practices (e.g., closed conference calls with analysts), regulators provided an interpretation of the tipping provisions and practical guidance to assist public companies in complying with the law.