Canadian Securities Regulators Announce Changes To Support Capital Raising Efforts

On April 17, 2025,the Canadian Securities Administrators ("CSA") announced three Coordinated Blanket Orders ("Blanket Orders") that introduced targeted exemptions from certain prospectus and disclosure requirements, with the intention of enhancing the efficiency of capital raising for issuers in Canada. These new exemptions are designed to reduce regulatory burdens and create a more cost-effective capital raising system in Canada while still providing adequate protections for investors.

Quick overview of the exemptions

• All issuers filing IPO prospectuses, circulars or material change reports will now be exempt from the requirement to include audited annual financial statements and operating statements for the third most recently completed financial year, an exemption that was previously only available for IPO venture issuers.