Canadian securities administrators announce policy projects aiming to reduce regulatory burden in public markets

2018/18
March 27, 2018

Toronto - The Canadian Securities Administrators (CSA) today 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. 

"Following extensive feedback from stakeholders, we are moving forward with several projects that could meaningfully reduce regulatory burden for public companies in Canada's capital markets," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.

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.

Selection of these projects follows a consultation initiated by the CSA in 2017 on reducing regulatory burden in the public markets. Subsequently, CSA staff received a number of comment letters and certain jurisdictions held in-person consultations on the topic. The chosen initiatives reflect input from a diverse range of stakeholders, including reporting issuers, investor advocates, and industry groups. Certain projects may require longer timeframes than others to complete.

The notice can be found on the websites of CSA members.

The CSA, the council of securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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For more information: 
  
Kristen Rose
Ontario Securities Commission
416-593-2336 

 
Hilary McMeekin
Alberta Securities Commission
403-592-8186

 
Alison Walker
British Columbia Securities Commission
604-899-6713

 
Sylvain Théberge
Autorité des marchés financiers
514-940-2176 


 
Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660


 
Erin King
Financial and Consumer Services 
Commission, New Brunswick
506-643-7045

 
David Harrison
Nova Scotia Securities Commission 
902-424-8586

 
Steve Dowling
Government of Prince Edward Island, 
Superintendent of Securities
902-368-6288
 
John O'Brien
Office of the Superintendent of Securities 
Newfoundland and Labrador
709-729-4909
 
Rhonda Horte
Office of the Yukon Superintendent of 
Securities
867-667-5466

 
Jeff Mason
Nunavut Securities Office
867-975-6591

 
Tom Hall
Office of the Superintendent of Securities
Northwest Territories
867-767-9305
Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160

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