The Canadian Securities Administrators (CSA) recently published Notice and Request for Comment – Coordinated Blanket Order 51-933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers, a proposed multi-year pilot to allow eligible venture issuers to voluntarily adopt semi-annual financial reporting (the Proposed SAR Pilot). The regulator is publishing the Proposed SAR Pilot for a 90-day comment period ending December 22, 2025.
The Proposed SAR Pilot would provide an exemption for certain venture issuers listed on the TSX Venture Exchange Inc. (TSXV) or the CNSX Markets Inc. (CSE) from the requirement to file first and third quarter financial reports under National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102).
The Proposed SAR Pilot would be introduced through coordinated blanket orders across the CSA’s participating jurisdictions, which would include exemptions from certain continuous disclosure requirements and establish a voluntary semi-annual reporting framework for a subset of venture issuers, subject to certain terms and conditions. The regulator notes that it intends to engage in a broader rule-making project related to voluntary semi-annual reporting.
Notice and Request for Comment – Coordinated Blanket Order 51-933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers 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.
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