The Canadian Securities Administrators (CSA) announced changes
to allow large, well-known Canadian reporting issuers, referred to
as well-known seasoned issuers (WKSIs), to file a base shelf
prospectus on an accelerated basis (the "WKSI
Program"). The WKSI Program, reflected in blanket
orders issued pursuant to CSA Staff Notice 44-306
- Blanket Orders Exempting Well-known Seasoned Issuers
from Certain Prospectus Requirements, is modelled on the
Well-Known Seasoned Issuer category of issuer adopted by the United
States Securities and Exchange Commission in 2005.
The introduction of the WKSI Program is part of the CSA
initiative to reduce the regulatory burden on Canadian reporting
issuers and will make it more efficient for qualifying issuers to
raise capital in Canada. The WKSI Program comes into effect on
January 4, 2022, and expires on July 4, 2023, subject to extension
or permanent adoption.
