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ARTICLE · 03 JULY 2026

A New Era For Continuous Disclosure: CSA Finalizes Access Model For Non-investment Fund Reporting Issuers

The Canadian Securities Administrators have finalized an optional access model that allows non-investment fund reporting issuers to provide annual and interim financial statements and MD&A electronically through SEDAR+ rather than delivering physical copies. This new framework, effective September 22, 2026, introduces specific conditions including news release requirements, website posting obligations, and annual reminders to securityholders, while preserving investors' ability to request paper copies and m

CanadaCorporate/Commercial Law

On June 25, 2026, the Canadian Securities Administrators (CSA) published in final form changes that introduce an access model (Access Model) for the annual financial statements, interim financial reports and related management’s discussion and analysis (MD&A) of non-investment fund reporting issuers (collectively, CD Documents). The Access Model gives issuers an alternative to the existing requirement to deliver these documents to securityholders – by making CD Documents available electronically through SEDAR+, provided the conditions described below are met (collectively, the Final Amendments).

Subject to the receipt of all necessary ministerial approvals, the Final Amendments come into force on September 22, 2026.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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