Translation of Securities Disclosure Documents
An issuer distributing securities in Quebec files its disclosure in French. Prospectuses, annual information forms, MD&A and circulars: what must be translated, and where it falls in the calendar.
What does the law require?
An issuer distributing securities in Quebec files its disclosure documents in French, or in French and English. This covers the prospectus, but also the continuous disclosure that follows: annual information form, MD&A, financial statements and proxy circulars. The French version is part of the filing, not a later catch-up.
Who is covered
- Reporting issuers whose distribution jurisdictions include Quebec
- Issuers filing a prospectus under the passport system involving the AMF
- Firms preparing filings on behalf of issuer clients
- Investment funds offering units to Quebec holders
What the obligation covers
Autorité des marchés financiers (AMF)
Disclosure documents aimed at Quebec investors are filed in French, or in French and English.
Official source: Autorité des marchés financiers (Quebec)Continuous disclosure regime
The obligation does not stop at the prospectus: it recurs with each periodic document and each material change report.
Official source: Autorité des marchés financiers — continuous disclosureCharter of the French Language
Contractual documents given to Quebec holders separately fall under the general rules for contracts of adhesion.
Official source: Charter of the French Language (CQLR c. C-11) — LégisQuébecDisclosure liability
A divergence between the two versions of a filed document is potential misleading disclosure, not a mere translation slip.
Official source: Securities Act (CQLR c. V-1.1)
Documents affected
What happens if you fall short
An incomplete filing delays the receipt, and a delayed receipt shifts a transaction whose timing depends on market conditions. More seriously: a divergence between the French and English versions of a filed document is analyzed as misleading disclosure, with the liability that attaches to it. This is not a linguistic risk, it is a market risk.
Frequently asked questions
When in the calendar should translation start?
On drafts, not on the final document. A prospectus is rarely settled: starting early and retranslating the delta costs less, and above all holds the filing date.
Do we need a certified translator?
A regulatory filing does not require a certified translator's seal the way an immigration file does. Some issuers ask for an attestation; we provide one on request.
Our financial statements are largely carried over. Do we pay twice?
No. Sections repeated year to year are returned by the memory and not re-billed at full rate. Over an annual cycle, that is most of the document.
Who approves the accounting terminology?
Your team. We propose a glossary drawn from your past filings, you settle it, and it then governs every later document — including for a translator with a personal preference.
Find out what applies to you
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See also our sector page: Financial services.
Last regulatory review: July 27, 2026. Provided for information only. This is not legal advice. Consult legal counsel for your own situation.