40-F

DEFINITION

Eligible large Canadian issuers (Shopify, Brookfield, RBC, etc.) can satisfy SEC annual reporting by filing a 40-F, which essentially passes through their Canadian annual disclosure (AIF, audited financials, MD&A) directly. The 40-F deadline mirrors the Canadian one, and the filer uses Canadian GAAP/IFRS as accepted in Canada.

WHY IT MATTERS FOR RETAIL INVESTORS

If you trade Canadian-domiciled ADRs or dual-listed names, the 40-F is your primary annual document. Because it is a pass-through of Canadian filings, the document feels less standardized than a 10-K — the AIF is the closest analogue to the 10-K narrative, and you should always read it alongside the audited financials.

RELATED TERMS

• 20-F
• 10-K
• Foreign Private Issuer