The Canadian Securities Administrators (CSA) has published CSA Consultation Paper 51-406 Modernizing the Regulation of Public Companies (the Consultation Paper) for a 120-day comment period ending November 13, 2026.
The Consultation Paper is seeking stakeholder input on:
- whether a revised approach to determining venture and non-venture issuer status could more effectively support proportionate regulation;
- whether to exempt some venture issuers from certain aspects of International Financial Reporting Standards;
- hold periods applicable to private placements by reporting issuers;
- opportunities to streamline and clarify material change reporting; and
- how changes to the fundamental requirements in periodic reporting, capital raising and disclosure in the U.S. should inform the Canadian approach.
The Consultation Paper also asks for general feedback on other potential changes, such as proposed changes to the regulatory framework that include the addition of targeted adjustments; the introduction of criteria specific to the issuer to determine status; and, the moving of certain issuers who exceed size thresholds from venture exchanges to a non-venture exchange or tier.
CSA Consultation Paper 51-406 Modernizing the Regulation of Public Companies is available for download from the websites of the participating jurisdictions.
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.