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

Comment period ended on July 7, 2017.

Proposed effective date:

Not specified

Last updated:

March 2018

Overview

In April 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 seeks comments on potential options for reducing regulatory burden for non-investment fund reporting issuers in the public markets.

The Consultation Paper identifies and seeks input on potential options for reducing regulatory burden associated with capital raising in the public markets and the ongoing costs of remaining a reporting issuer. These options include: (i) expanding the application of streamlined rules for smaller reporting issuers; (ii) reducing the regulatory burden associated with prospectus rules and the offering process; (iii) reducing certain ongoing disclosure requirements; (iv) eliminating overlap in potentially duplicative regulatory requirements; and (v) enhancing the electronic delivery of documents.

Specific initiatives the CSA intends to pursue include:

  • removing or modifying the criteria for reporting issuers to file a business acquisition report;
  • facilitating at-the-market offerings;
  • revisiting the primary business requirements to provide greater clarity to issuers preparing an IPO prospectus;
  • considering a potential alternative prospectus model;
  • reducing or streamlining certain continuous disclosure requirements; and
  • enhancing electronic document distribution for investors.

 

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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