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ARTICLE · 30 APRIL 2025

Canadian Securities Administrators Pauses Climate-related And Diversity-related Disclosure Rules

The Canadian Securities Administrators (CSA) announced on April 23, 2025, that it will pause the development of a new mandatory...

CanadaCorporate/Commercial Law

The Canadian Securities Administrators (CSA) announced on April 23, 2025, that it will pause the development of a new mandatory climate-related disclosure rule and amendments to the existing diversity-related disclosure requirements. The CSA stated that it is doing so in order to support Canadian markets and issuers as they adapt to the recent developments in the US and globally. The CSA pointed to the current market conditions and changes in geopolitics which have resulted in increased worries regarding competitiveness, rising uncertainty and global economic factors.

Although the CSA has delayed its initial timeline, the underlying rationale for climate-related disclosures remains. Securities legislation already compels issuers to disclose material climate risks just as they would any other material factor that affects their business. The recent introduction of sustainability standards by the Canadian Sustainability Standards Board, largely aligned with

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