For those of us who have children, three years represents a whole new phase of life. In the early years, three years can be the span between helpless totally dependant child to a walking, talking bundle of energy and personality. In later years, a span of 3 years usually includes major milestones like graduations, driving cars, and leaving for university.
Regardless the stage, three years always seems like a long way from today, but in hindsight always seems to have flown by, reminding us to make the most of every day.
When the CSA announced last July that the new disclosure requirements to investors (CRM2) were in effect, with a final implementation date of July 15, 2016, it seemed a long way away. Here we are, almost at the end of February, 2014 and that three-year lead time is not looking too distant any more.
As soon as this July, the implementation of the first batch of changes is due (see the following for a synopsis of this year’s deliverables). And that makes the next set of due dates – July 2015 and July 2016 – seem that much closer.
Much of the industry is just starting to come to terms with the implications and volume of work required to hit these annual milestones. Given the investor-facing nature of CRM2, this is not about just checking the compliance box. CRM2 will change conversations in a significant way.
Just like the parenting lesson I mentioned above, we need to make the most of every day so that July, 2016 doesn’t catch us off guard.