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Canadian securities regulators announce consultation on an access equals delivery model for public companies

  • Securities - CSA Image

Jan 09, 2020

On January 9, 2020, the Canadian Securities Administrators (CSA) published CSA Consultation Paper 51-405 “Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers” (the consultation paper), which solicits views on the appropriateness of introducing an “access equals delivery” model in the Canadian market. Under this model, delivery of a document would be effected by the issuer alerting investors that the document is publicly available on the System for Electronic Document Analysis and Retrieval (SEDAR) and the issuer’s website.

The consultation paper provides an overview of current delivery requirements under securities legislation and describes the CSA’s proposed access equals delivery model. Additionally, the paper discusses similar models that have been implemented in other jurisdictions. The CSA is seeking comment on, among other things, the scope and mechanics of access equals delivery, including the types of documents that could be covered by the model. Comments should be submitted in writing by March 9, 2020.

Review the press release and consultation paper on the CSA's website.

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