CSA Finalizes Amendments To Implement Access Model For Continuous Disclosure Documents Of Non-Investment Fund Reporting Issuers

On June 25, 2026, the Canadian Securities Administrators (CSA) published in final form amendments to National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) and National Instrument 54-101 Communication With Beneficial Owners of Securities of a Reporting Issuer and changes to related companion policies (collectively, the Final Amendments). The Final Amendments will implement an access model (Access Model) for annual financial statements, interim financial reports and related management’s discussion and analysis (MD&A) of non-investment fund reporting issuers (collectively, CD documents).

The Access Model provides alternative voluntary procedures whereby issuers may provide electronic access to CD documents instead of following the delivery requirements currently found in securities legislation. Provided all necessary ministerial approvals are obtained, the Final Amendments will come into force on September 22, 2026.