The Canadian Securities Administrators (CSA) has published CSA Consultation Paper 51-405 Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers (the Consultation Paper). The Consultation Paper seeks opinion from stakeholders regarding the appropriateness of introducing an “access equals delivery model” (the Proposed New Model) into the Canadian market. Stakeholder have until March 9, 2020, to submit their opinions in writing.
Under the Proposed New Model, the delivery of a document would be impacted by issuers alerting investors that the document is publicly available on the System for Electronic Document Analysis and Retrieval (SEDAR) and on the company’s website. The goal, according to CSA staff, is to improve electronic access to documents, without compromising investor protections.
The Consultation Paper provides an overview of current delivery requirements under securities legislation and describes the Proposed New Model. It also discusses similar models that have been implemented in other jurisdictions. The regulator is seeking comment on the scope and mechanics of access equals delivery, including the types of documents that would be included in the model.
CSA Consultation Paper 51-405 Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers is available for download from the websites of the Participating Jurisdictions.
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.
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