CSA Proposals to Reduce the Regulatory Burden for Non-Investment Fund Reporting Issuers [Completed]

Effective date:

Not applicable

Last updated:

March 2018

Overview

On April 6, 2017, the Cana­dian Se­cu­ri­ties Ad­min­is­tra­tors (CSA) pub­lished CSA Con­sul­ta­tion Pa­per 51-404, Con­sid­er­a­tions for Re­duc­ing Reg­u­la­tory Bur­den for Non-In­vest­ment Fund Re­port­ing Is­suers (the Con­sul­ta­tion Pa­per), which requested com­ments from interested parties on po­ten­tial op­tions for re­duc­ing the reg­u­la­tory bur­den for non-in­vest­ment fund re­port­ing is­suers in the pub­lic mar­kets.

Subsequently, on March 27, 2018, the CSA pub­lished CSA Staff No­tice 51-353, Up­date on CSA Con­sul­ta­tion Pa­per 51-404 Con­sid­er­a­tions for Re­duc­ing Reg­u­la­tory Bur­den for Non-In­vest­ment Fund Re­port­ing Is­suers, which advises that, after taking into account the comments received, CSA will initiate six options as CSA policy projects in the near term, as follows:

  • Changes to the prospectus requirements:
    • potential alternative prospectus model;
    • facilitating at-the-market (ATM) offerings; and
    • revisiting the primary business requirements.
  • Changes to the continuous disclosure requirements:
    • removing or modifying the criteria to file a business acquisition report; and
    • revisiting certain continuous disclosure requirements.
  • Changes to other securities regulation requirements:
    • enhancing electronic delivery of documents

For further details refer to the CSA press release and CSA Staff Notice 51-353. 

Recent activities

March 2018

On March 27, 2018, the CSA published CSA Staff Notice 51-353 Update on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, which outlines the CSA’s plan to pursue policy projects to examine specific prospectus requirements, revisit certain continuous disclosure requirements, and enhance electronic delivery of documents.

April 2017

On April 6, 2017, the CSA published CSA Consultation Paper 51-404, Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, which seeks comments on potential options for reducing regulatory burden for non-investment fund reporting issuers in the public markets. Comments are due by July 7, 2017.

 

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