CSA

Toronto – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51-353 Update on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, which outlines the CSA’s plan to pursue policy projects to examine specific prospectus requirements, revisit certain continuous disclosure requirements, and enhance electronic delivery of documents. 

“Following extensive feedback from stakeholders, we are moving forward with several projects that could meaningfully reduce regulatory burden for public companies in Canada’s capital markets,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. 

Specific initiatives the CSA intends to pursue include:

  • removing or modifying the criteria for reporting issuers to file a business acquisition report;
  • facilitating at-the-market offerings;
  • revisiting the primary business requirements to provide greater clarity to issuers preparing an IPO prospectus;
  • considering a potential alternative prospectus model;
  • reducing or streamlining certain continuous disclosure requirements; and
  • enhancing electronic document distribution for investors.

Selection of these projects follows a consultation initiated by the CSA in 2017 on reducing regulatory burden in the public markets. Subsequently, CSA staff received a number of comment letters and certain jurisdictions held in-person consultations on the topic. The chosen initiatives reflect input from a diverse range of stakeholders, including reporting issuers, investor advocates, and industry groups. Certain projects may require longer timeframes than others to complete.

The notice can be found on the websites of CSA members.

The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514-940-2176

Alberta Securities Commission

Hilary McMeekin

403-592-8186

British Columbia Securities Commission

Alison Walker 

604-899-6713

Financial and Consumer Affairs Authority of Saskatchewan

Shannon McMillan

306-798-4160

Financial and Consumer Services Commission, New Brunswick

Erin King

506-643-7045

Government of Prince Edward Island, Superintendent of Securities

Steve Dowling

902-368-6288

Manitoba Securities Commission

Jason (Jay) Booth

204-945-1660

Nova Scotia Securities Commission

David Harrison

902-424-8586

Nunavut Securities Office

Jeff Mason

867-975-6591

Office of the Superintendent of Securities, Newfoundland and Labrador

John O'Brien

709-729-4909

Office of the Superintendent of Securities, Northwest Territories

Tom Hall

867-767-9305

Office of the Yukon Superintendent of Securities

Rhonda Horte

867-667-5466

Ontario Securities Commission

Kristen Rose

416-593-2336