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ARTICLE · 30 MARCH 2026

CSA Adopts Semi-Annual Reporting Pilot For Venture Issuers

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On March 19, 2026, the Canadian Securities Administrators (CSA) announced the adoption of a pilot project permitting eligible venture issuers to voluntarily adopt a semi-annual financial reporting framework (the SAR Pilot).

CanadaCorporate/Commercial Law
James D. Beeby
James D. Beeby
Lisa Kakoske
Lisa Kakoske
Harpar Gill
Harpar Gill
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On March 19, 2026, the Canadian Securities Administrators (CSA) announced the adoption of a pilot project permitting eligible venture issuers to voluntarily adopt a semi-annual financial reporting framework (the SAR Pilot). The SAR Pilot is implemented through Coordinated Blanket Order 51-933 Exemption to Permit Semi-Annual Reporting for Certain Venture Issuers (the Blanket Order).

Overview of the SAR Pilot

The SAR Pilot provides an exemption for eligible venture issuers listed on the TSX Venture Exchange (TSXV) or the Canadian Securities Exchange (CSE) from the requirement to file interim financial reports for the three and nine-month interim periods of a financial year under applicable securities laws and National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102).

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