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ARTICLE · 26 SEPTEMBER 2025

CSA Finalizes New WKSI Regime In Canada

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On August 28, 2025, the CSA published the final amendments to National Instrument 44-102 – Shelf Distributions and other related securities law instruments to formally establish a permanent expedited base shelf prospectus regime for WKSIs in Canada.

CanadaCorporate/Commercial Law
Sean Maniaci
Sean Maniaci
Shannon Scrocchi
Shannon Scrocchi
Courtney Wong
Courtney Wong
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On August 28, 2025, the Canadian Security Administrators (the CSA) published the final amendments to National Instrument 44-102 – Shelf Distributions (NI 44-102) and other related securities law instruments (the Final Amendments) to formally establish a permanent expedited base shelf prospectus regime for "well-known seasoned issuers" (WKSIs) in Canada. The Final Amendments will take effect on November 28, 2025, subject to receiving all of the expected ministerial approvals, and will replace the existing WKSI blanket orders that are currently in effect in each of the provinces and territories of Canada (the Blanket Orders).

Background to the WKSI Regime

In December 2021, regulators in each of the provinces and territories of Canada published temporary exemptions from certain base shelf prospectus requirements for qualifying WKSIs through the local Blanket Orders, which took effect in January 2022. The Blanket Orders were introduced as part of a larger initiative

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