The Canadian Securities Administrators (CSA) is publishing for a 90-day comment period ending February 17, 2024, proposed amendments to:
- National Instrument 51-102 Continuous Disclosure Obligations (proposed amendments to NI 51-102)
and proposed changes to:
- Companion Policy 51-102CP Continuous Disclosure Obligations, and
- Companion Policy 54-101CP to National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer (collectively, the Proposed Changes)
and are publishing for comment, related proposed consequential amendments to:
- National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer (collectively, with proposed amendments to NI 51-102, the Proposed Amendments).
Upon implementation, the Proposed Amendments and the Proposed Changes will introduce an access model for annual financial statements, interim financial reports and related management’s discussion & analysis (MD&A) for non-investment fund reporting issuers (the Proposed Access Model).
The Proposed Access Model aims to modernize the way documents are made available to investors by allowing issuers to provide investors with electronic access to certain continuous disclosure documents, without impacting investors’ ability to request, or provide standing instructions to receive, those documents in electronic or paper form. It will give issuers another alternative to sending annual financial statements, interim financial reports and related MD&A, instead of following the current requirements found in securities legislation.
The Proposed Access Model is available for download from the website of the Canadian Securities Administrators.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
