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ARTICLE · 13 FEBRUARY 2024

CSA Adopts "Access Equals Delivery Model" For Reporting Issuer Prospectuses

Dickinson Wright PLLC
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On January 11, 2024, the Canadian Securities Administrators (the "CSA") published final amendments and changes to certain national instruments and companion policies (the "Amendments").

CanadaCorporate/Commercial Law
Andre G. Poles
Andre G. Poles
Geoffrey Farr
Geoffrey Farr
Matt McLeod
Matt McLeod
Griffin Peloso
Griffin Peloso
Helen Schweitzer
Helen Schweitzer
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On January 11, 2024, the Canadian Securities Administrators (the "CSA") published final amendments and changes to certain national instruments and companion policies (the "Amendments"). The Amendments provide for an optional alternative "access equals delivery" model (the "Access Model") for the delivery of prospectuses in Canada for reporting issuers other than investment funds ("Issuers"). Assuming that all necessary approvals are obtained, the Access Model will come into effect on April 16, 2024.

Background

Canadian securities legislation requires that Issuers physically deliver certain documents to investors. This includes a prospectus, financial statements, MD&A, and proxy-related materials. While electronic delivery is currently permitted in some contexts (e.g., for proxy-related materials in connection with shareholder meetings), many Issuers incur significant costs to print and mail documents that must be physically delivered under current

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