Key development updates described in the CSA’s 2023-2024 Year in Review Report (Annual Report) included the CSA’s intention to publish a revised proposal on climate-related disclosure requirements, aligning with the final Canadian sustainability disclosure standards. Additionally, the CSA has proposed amendments to the “comply or explain” diversity disclosure regime for boards of directors and executive officers, with final amendments expected soon. The CSA has also implemented an “access equals delivery” model for prospectuses and is considering feedback on extending this model to continuous disclosure documents. Furthermore, the CSA plans to streamline annual and interim disclosure requirements and has proposed a permanent expedited shelf prospectus regime for well-known seasoned issuers (WKSIs).
Other notable updates include the CSA’s review of transaction rules, with proposed amendments and updated guidance forthcoming. The CSA also prepares targeted amendments to enhance the early warning reporting regime. Additionally, amendments to the Canada Business Corporations Act now allow shareholders to vote “for” or “against” director nominees in uncontested elections, and the CSA has proposed codifying exemptions from the requirement to include a “withhold” option on proxy forms. As the CSA modernizes its regulatory framework to reduce burdens while enhancing investor protection, Blakes will monitor and update on significant legal developments affecting continuous disclosure obligations and prospectus filings.
Access the article on Blakes’ website.