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ARTICLE · 05 NOVEMBER 2025

CSA Invites Comments On Proposed Pilot Project For Semi-annual Financial Reporting

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The Canadian Securities Administrators (CSA) have released for comment a proposed multi-year pilot project that would allow certain venture issuers to voluntarily adopt semi-annual financial reporting (SAR Pilot)...

CanadaCorporate/Commercial Law
Steven Meng
Steven Meng
Britt Redenbach
Britt Redenbach
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The Canadian Securities Administrators (CSA) have released for comment a proposed multi-year pilot project that would allow certain venture issuers to voluntarily adopt semi-annual financial reporting (SAR Pilot) in place of the current quarterly reporting requirements. The initiative aims to reduce regulatory burden and compliance costs for smaller issuers while maintaining appropriate investor protection measures.

Overview of the SAR Pilot

Under the proposed Coordinated Blanket Order 51-933 – Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers, eligible venture issuers listed on the TSX Venture Exchange Inc. (TSXV) or CNSX Markets Inc. (CSE) would be exempt from certain continuous disclosure obligations under National Instrument 51-102 – Continuous Disclosure Obligations (NI 51-102).

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