CSA Consults On Reducing Regulatory Burden For Reporting Issuers

Being a Canadian reporting issuer involves compliance with a complex set of requirements. The Canadian Securities Administrators (CSA) have published Consultation Paper 51-404 – Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (the Paper), which explores possible ways to reduce the regulatory burden faced by issuers. Any changes made to the regulatory regime must be balanced with investor protection concerns and the need for efficient capital markets. The Paper introduces a broad range of proposed reforms, including relief for smaller issuers, streamlined rules for both offerings and continuous disclosure, including reducing duplicate disclosure requirements and enhancing electronic delivery of documentation.