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ARTICLE · 20 JANUARY 2020

Canadian Securities Administrators Seek Comment On "Access Equals Delivery" Model

On January 9, 2020, the Canadian Securities Administrators (CSA) published CSA Consultation Paper 51-405 Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers (CP 51-405).

CanadaCorporate/Commercial Law

On January 9, 2020, the Canadian Securities Administrators (CSA) published CSA Consultation Paper 51-405 Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers (CP 51-405). In connection with CP 51-405, the CSA is seeking commentary on the appropriateness of an access equals delivery model in the Canadian market, with the intent of reducing regulatory burdens for issuers and enhancing the accessibility of information for investors. Generally, the CSA is requesting commentary on whether such a model should be introduced, the types of documents to which this model should apply and its mechanics.

Under the contemplated model, delivery of a document by an issuer is effected by: (i) filing the document on the System for Electronic Analysis and Retrieval (SEDAR); (ii) posting the document on its website; and (iii) alerting investors, by news release, that the document is publicly available on SEDAR and the issuer's website.  

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