CSA Finalizes Permanent Regime For Well-Known Seasoned Issuers

On August 28, 2025, the Canadian Securities Administrators (CSA) published final amendments to National Instrument 44-102 Shelf Distributions (NI 44-102) and certain other instruments and policies (collectively, the Amendments), to formally establish a permanent expedited shelf prospectus regime for well-known seasoned issuers (WKSIs). The Amendments come into force on November 28, 2025.

Background

In December 2021, regulators in each of the provinces and territories of Canada published local blanket orders introducing a temporary Canadian WKSI framework. The blanket orders initially came into effect on January 4, 2022, and have either been extended or in some cases implemented as local rules, such as OSC Rule 44-503 Exemption from Certain Prospectus Requirements for Well-known Seasoned Issuers (collectively, the Blanket Orders).