Canadian Securities Administrators Implement Access Model For Prospectuses

After several years of consideration, the Canadian Securities Administrators (CSA) are implementing an access-equals-delivery model for prospectus delivery in Canada. On January 11, 2024, the CSA published [PDF] amendments to several national instruments that will implement an optional alternative model for prospectus delivery for Canadian reporting issuers, other than investment funds. The amendments will come into force on April 16, 2024, subject to receiving expected approvals.

Access-equals-delivery has long been a feature of U.S. capital markets, allowing cost savings benefits to issuers, and the dealers acting as their underwriters or agents, by avoiding the need to print and mail copies of a prospectus to each purchaser, or even to send copies to purchasers by e-mail. Inspired by the U.S. model, in 2020 the CSA first solicited feedback on the possible adoption of a similar access model in Canada. In April 2022, the CSA proposed amendments to give full effect