 social media which did not appear to be consistent with or contained in their continuous disclosure on SEDAR. For example, this occurred when figures being disclosed on social media were non-GAAP financial measures which had not been disclosed in any regulatory filings, or in any other disclosure outside social media. Beyond any selective disclosure issues which may have existed, those investors who had received the non-GAAP financial measure disclosure on social media were not provided with all of the disclosures that issuers should provide when they present non-GAAP financial measures,{7} including a quantitative reconciliation of the non-GAAP financial measure to its most directly comparable GAAP measure. In the absence of these disclosures, investors may be unable to understand the full meaning and significance of the non-GAAP financial measures being disclosed, which can result in their being misled on the basis of incomplete information.

4.2.2 Analyst Reports and Other Articles Provided on Social Media

In some cases, misleading or untrue statements were provided through links to other documents. For example, on Twitter issuers are currently subject to a 140 character limit on information provided in a single post. As a result of this limit we frequently observed issuers providing lengthier commentary through hyperlinks or file attachments. In many cases these links or attachments included reports and research about the issuer from analysts.

When issuers provide copies of reports from independent analysts, they should ensure that they are providing the names and/or recommendations of all independent analysts who cover the issuer.{8} We expect that this disclosure will be provided in order to prevent issuers from selectively disclosing the reports of only those analysts whose views are favourable to the issuer.

We also observed a number of cases where analyst reports, or other third party news articles, included fine print disclosure indicating that they were paid for by the issuer. Some of these documents included stock price targets and valuations for the issuer which were more than double their stock price at the time the report was written. Given that these documents are not independent, issuers should provide more prominent disclosure to that effect in order to avoid misleading investors. Burying a statement at the end of an article or report, or in fine print, that the issuer paid for the publication may raise misleading disclosure concerns around prominence. In these cases, issuers provided clarifying disclosure in connection with our review, in order to highlight that these documents were not independently prepared.

Some issu
social media which did not appear to be consistent with or contained in their continuous disclosure on SEDAR. For case, this occur when figures being disclosed on social media were non - GAAP fiscal measures which had not been disclosed in any regulatory filing, or in any other disclosure outside social media. Beyond any selective disclosure emergence which may have existed, those investors who had receive the non - GAAP financial measure disclosure on social medium were not provided with all of the disclosures that issuers should provide when they present non - GAAP fiscal measures,{7 } including a quantitative reconciliation of the non - GAAP financial measure to its about directly comparable GAAP measure. In the absence of these disclosures, investors may be ineffective to understand the broad meaning and significance of the non - GAAP financial measures being disclose, which can result in their being misled on the basis of incomplete information. 

 4.2.2 Analyst Reports and Other Articles provide on Social Media 

 In some cases, misleading or untrue statements were provided through links to other documents. For example, on Twitter issuers are presently capable to a 140 character limit on information provide in a single post. As a result of this terminus ad quem we frequently observed issuer providing lengthier commentary through hyperlink or file attachments. In many cases these links or attachments included reports and inquiry about the issuer from analysts. 

 When issuers provide copies of reports from independent analysts, they should guarantee that they are providing the names and/or recommendations of all independent analysts who brood the issuer.{8 } We expect that this disclosure will be provided in order to prevent issuer from selectively disclosing the report of only those analysts whose view are favourable to the issuer. 

 We also observed a number of cases where analyst report, or other third party news program articles, admit fine print disclosure indicating that they were paid for by the issuer. Some of these documents admit stock price targets and valuations for the issuer which were more than double their stock price at the time the report was write. Given that these documents are not autonomous, issuers should provide more prominent disclosure to that effect in order to avoid misleading investor. Burying a statement at the end of an article or report, or in fine print, that the issuer paid for the publication may enhance misleading disclosure concerns around prominence. In these cases, issuers provided clarifying disclosure in association with our review, in order to highlight that these text file were not independently prepared. 

 Some issu
 sofial media which did not appear to be consisteit with or contxined in their continuous didcoosurt on SEDAR. For examole, this lccurred whei figures being vjsclosed on skgial kxdia were non-GASP financidl measures whhcf kad not been disclosed in any regulaeory fikijgs, or in any jtheg qiscmosure outside social media. Beyond any senective disclpsure issues which may havf exlsted, those investlrs who had recquved the non-EAAP finanbnal measure disclosure on social media werd not provided qirh wnl of the dmscloslres that issmvrs shogld profide when they prxsenr non-GAAP financial mxasures,{7} including a zuantitathvz reconciliation of tye non-GDAP xinavxiau mtasnre to itd mkst directmy comparaboe GAAP measure. In uhe qbsence of thsse difcjosures, investors may be unable to undegstahd the full meaning and significance of the jon-GAAP fynancial measures being disclosed, which can resuld in vhdir bcing nidled on the basis of incomplete information.

4.2.2 Agzlusn Reports and Othcr Articles Providrd om Social Media

Kn somz czses, misleading or untrue statwments wewe ptovided through links to otyer documentf. For example, on Twntter issuerr arg currrntly subject to a 140 chaxacter limit on ijformatioh provided in a skngke post. As a result of this jimit we hrequzntly obrervgd issuqrs providlng lctgthier commentary throogh hy[erlinks og file attachments. In many cases these links pr atnachments inclmded reports anq research aboot the isfuer wrom analyats.

When issuers prjvide copies mv reports frmm indepqndebt abalysts, ghey should enxure that they are providing the namex avs/or recommendatnubs of all indeprnddnt ajakyfds who cover the isrier.{8} Wd expecu tmat thix disclosure will be probided in order to lrcvent issoers from selectively cisclosing the replrts mf unly yhofe analysts whose views are fabourable ho bhe issuer.

We wlso observed a uumber of cases where analyst reports, or other third parti news articles, inclubec fine prinv discjosure ingicating that they wwre paid for by tme issuer. Some of thess docukents included stock price targets and valuations for the issuer which were moee thai qouble theid stpck pgicz ac the tyme vhx report was writnen. Given that these documents ace not indapzndent, issuers should provide mure prominent disclosure to that effedt in orcer to avoid misleading investots. Burying a statement ab the end of ah artibme or report, or in fone prnnt, thqt the ussucr paid for thd pibpication lay caiae misleading disclosure concernw aroubd prominence. In tiese cases, idruers proviqed clarifying djsclkdure kn connection with our revirw, in order to highlpghe that these dibuments were mot indvpendently prxpared.

Some ivsu
social media which did not appear to with contained in continuous disclosure on when being disclosed on media were non-GAAP measures which had not been disclosed any regulatory filings, or in any other disclosure outside social media. Beyond any disclosure issues which may have existed, those investors who had received the non-GAAP measure on media not provided with all of the disclosures that issuers should provide when they present non-GAAP financial including a quantitative reconciliation of the non-GAAP financial to its most directly GAAP measure. In the absence these investors may unable understand full meaning and of the non-GAAP financial measures being disclosed, which can result in their being misled on the basis incomplete information. Reports and Articles on Media In some or untrue statements were provided through documents. For example, on Twitter issuers are currently to a character limit on information provided in single post. As a result of this limit frequently observed issuers providing lengthier commentary through hyperlinks or file attachments. In many cases these attachments included reports and about the issuer analysts. issuers copies reports from analysts, they should ensure that they are providing the names and/or of all independent analysts who cover the issuer.{8} We expect disclosure be provided in to prevent issuers from disclosing reports of only those views favourable We observed number of cases where reports, or other third party articles, included fine print paid for by the issuer. Some of these included stock price targets and valuations for issuer which were more than double their stock price at the time report was that these documents are not independent, issuers should more prominent disclosure to effect in order to avoid misleading investors. Burying a at end of article or report, in fine print, the issuer paid publication may misleading concerns these cases, issuers provided clarifying disclosure connection our review, in order to that were not independently prepared. Some issu
 social media which did not appEar to be conSisteNt wIth Or ContAineD in their continUOus dIsclosure on SEDAR. For exaMple, tHiS OccuRReD when Figures BEiNG DisClOsEd oN sOCiAl medIa wEre non-GaAP financiAl mEaSures which haD NoT been disclOseD in any regulaTorY filinGs, Or iN Any otHer DisclOsure oUTside sOcial mediA. BEYond anY SelectiVE DiScloSure issues which maY HaVE existed, those iNvestoRs WHo HAD reCeiVed the non-GaAp finaNCial meaSUrE DISclOSure on social mEdia were not PRovIded wiTh All OF the diSclosUrES thAt issuers shOuld Provide whEn they PResent nON-GAAP fiNanciaL meAsuRes,{7} iNClUdIng A qUAntITaTivE RecOnciliatIoN oF the nOn-GAap FINancIal MeasUre to Its most directLy cOmpaRAblE GAAP MeasuRe. In ThE abseNce of tHese dIsClosures, investoRs maY be unable To uNdErsTaNd the FUll meaNinG anD signifIcance oF The NoN-gaaP Financial measures bEiNG DiSclosed, wHich caN ReSuLT in their BeIng MislED On the BasiS Of IncompleTe infoRMaTiOn.

4.2.2 AnalySt reportS aNd OTheR ArtiCLes PRovideD on SociaL MediA

in some cases, misLEading or untruE StATEmENts wEre Provided thrOugh LInks To otHEr DocUMents. for exAmPLe, ON Twitter issuers are cUrRently SubjeCt to a 140 characteR limit on inFORMation prOvidED iN A single post. As a ResulT of this limIT we frequEntly Observed Issuers prOVIding lenGthIer ComMenTARy Through hyperlINKs or FiLe attacHmeNts. In maNy cAseS thEse LiNks or attaChments iNcLuDeD rEpoRts anD Research AbOut ThE isSuer fROm analYsts.

WHen iSsUeRS prOvide coPIeS OF repOrTs From IndEpEndenT anaLYstS, they shOuld ensurE thAT theY aRe ProvidiNg the names and/Or RecommendaTiOns Of all iNDEpendent Analysts who cover the issuER.{8} We expeCt tHat thIs diSclosure wIll Be provIdeD In ordeR to preVent iSsUerS FRom seLECtIveLy Disclosing THE rePorts Of Only Those anAlysts whose views arE FavOurable to the iSsuEr.

We ALSo ObsERvED a nUmBEr oF CAses where analysT reports, or OtHEr Third party NEws ArTicles, iNcluded Fine pRInt discLosure indIcating thAt They WERe pAid for by thE issuer. SOme of thesE DocumENtS inclUdeD stock PrIce TargeTs and vALuaTions For the IsSuer whIch weRe More than Double their stock price at The timE the rEpoRt was writTen. gIveN that thesE docUments are nOt iNdePendeNt, iSSuers ShouLD pRovIDe morE proMInent discLOsUre TO ThAt effect in oRDER to Avoid MisLEading InveStors. Burying a statEMent at the end of An arTICle Or rEPort, Or In fine print, thaT thE iSSUer paid fOr The publicatIon may raIsE MisleAding dIsclosUre concERNs ARound pRomiNenCe. In these CasEs, ISsuers pRoViDEd clarIfyiNg DiscloSure in COnneCTIon with our review, In ordER To higHLigHt thaT tHese docUMentS were not inDependently PreparEd.

SoMe issU
 social media which did no t appear t o becon sis te nt w ithor contained i n  the ir continuous disclosu re on  S E DAR. Fo r exa mple, t h is o ccu rr ed  wh en fi gures  be ing dis closed onsoc ia l media were no n-GAAP fin anc ial measures  wh ich ha dnot beendis close d in a n y regu latory fi li n gs, or in anyo t he r di sclosure outsides oc i al media. Beyo nd any  s e le c t ive  di sclosure i ss ues w h ich may ha v e exi s ted, those in vestors who had  recei ve d t h e non- GAAPfi n anc ial measure  dis closure o n soci a l media were no t prov ide d w itha ll  o f t he dis c lo sur e s t hat issu er sshoul d pr o v i d e wh enthey  pres ent non-GAAPfin anci a l m easur es,{7 } in cl uding  a qua ntita ti ve reconciliati on o f the non -GA AP  fi na ncial measur e t o i ts most  direct l y c om p a r ab le GAAP measure. I nt h eabsenceof the s edi s closures ,inv esto r s  maybe u n ab le to un dersta n dth e fullme aningan d s ign ifica n ce o f thenon-GAAP  fina n cial measuresb eing disclose d ,w h ic h  can  re sult in the ir b e ingmisl e dont he ba sis o fi nc o mplete information. 
4.2.2Analy st Reports an d Other Ar t i c les Prov ided on Social Media
In so me cases,m isleadin g oruntrue s tatements w ere prov ide d t hro ugh l in ks to other d o c umen ts . For e xam ple, on  Tw itt eriss ue rs are cu rrentlysu bj ec ttoa 140 characte rlim it  on  info r mation  prov ided  i na  si ngle po s t. A s are su lt o f t hi s lim it w e  fr equentl y observe d i s suer spr oviding  lengthier co mm entary thr ou ghhyperl i n ks or fi le attachments. In many cases t hes e lin ks o r attachm ent s incl ude d  repor ts and  rese ar cha b out t h e  i ssu er  from anal y s ts. 

Whe nissu ers pro vide copies of rep o rts  from indepen den t an a l ys ts, th e y s ho u lde n sure that theyare provid in g  t he names a n d/o rrecomme ndation s ofa ll inde pendent a nalysts w ho  cov e r  th e issuer.{ 8} We ex pect that thisd is closu rewill b epro vided  in or d erto pr eventis suersfromse lectivel y disclosing the report s of o nly t hos e analyst s w h ose  views ar e fa vourable t o t heissue r.We al so o b se rve d  a nu mber of casesw he rea n al yst reports , o r o therthi r d part y ne ws articles, incl u ded fine print  dis c l osu rei ndic at ing that theywer ep a id for b ythe issuer.  Some of  t h ese d ocumen ts inc luded s t o ck pricetarg ets  and valu ati on s  for th eis s uer wh ichwe re mor e than doub l e  their stock pri ce at t he ti m e t he re po rt wasw ritt en. Giventhat thesedocume ntsare n ot inde pe ndent,  is su ers should provide m ore p rominen tdisc los ure to  tha t effec t in  o rde r to avoi d mi s le ad i nginve stors .Bury ing a sta t ement at  th e  end of  a n a r t icle o r  r e p ort, or in  fi ne pr i n t, that th e  iss u er paidfor th e publ ication may  r aise mi sle a d ing discl osure con c ern sarou nd promi ne nce.  I n t he se cases, issue rs provi ded clar i f ying d isc l osur e  in co nn ection withour r ev i ew, ino r der  to hig h lig httha t th ese  doc u ments were not independe ntly  prep a red .

So me is su 
 social_media which_did not appear to_be consistent_with_or contained_in_their continuous disclosure_on SEDAR. For_example, this occurred when_figures being disclosed_on_social media were non-GAAP financial measures which had not been disclosed in any regulatory_filings,_or in_any_other_disclosure outside social media. Beyond_any selective disclosure issues which_may have_existed, those investors who had received the non-GAAP_financial_measure disclosure on_social media were not provided with all of the_disclosures that issuers should provide when_they present non-GAAP_financial_measures,{7}_including a quantitative reconciliation_of the non-GAAP financial measure to_its most directly comparable GAAP measure._In the absence of these disclosures, investors_may be unable to understand the_full meaning and significance of_the non-GAAP_financial measures being disclosed, which_can result in_their being_misled on the_basis of incomplete information.

4.2.2 Analyst Reports_and Other Articles_Provided on Social Media

In some cases,_misleading_or untrue statements_were_provided_through links_to other documents._For_example, on_Twitter_issuers are currently subject to a_140_character limit on information provided in a_single post. As a_result_of this limit we_frequently observed issuers providing lengthier_commentary through hyperlinks or file attachments._In many_cases these_links or attachments included reports and research about the issuer from_analysts.

When issuers provide copies of reports_from independent analysts, they_should ensure_that_they are providing_the_names and/or_recommendations of all independent analysts who cover_the issuer.{8}_We expect that this disclosure will_be provided in order_to_prevent issuers from selectively disclosing the_reports of only those analysts whose_views are favourable to the_issuer.

We_also_observed a number of cases_where analyst reports, or other third_party news articles,_included fine print disclosure indicating that they_were_paid for by the issuer. Some_of_these documents included stock price targets_and_valuations_for the issuer which were_more than double their stock price_at the time the report was written. Given that_these documents are_not independent, issuers should provide_more_prominent_disclosure to that effect in order to avoid misleading investors._Burying a_statement at the_end of an article or report, or in fine print,_that the issuer paid for the publication_may raise misleading disclosure concerns around prominence. In these cases, issuers_provided clarifying disclosure in connection with our review,_in order to highlight that these documents_were not independently prepared.

Some_issu