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ARTICLE · 05 NOVEMBER 2025

CSA Launches Semi-Annual Reporting Pilot: Streamlining Disclosure For Venture Issuers

Gowling WLG
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On October 23, 2025, the Canadian Securities Administrators ("CSA") announced a proposed multi-year pilot program to permit certain venture issuers to adopt semi-annual financial reporting...

CanadaCorporate/Commercial Law
Peter Sypnowich
Peter Sypnowich
Jason Saltzman
Jason Saltzman
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On October 23, 2025, the Canadian Securities Administrators ("CSA") announced a proposed multi-year pilot program to permit certain venture issuers to adopt semi-annual financial reporting, in place of the current quarterly interim reporting framework.

The initiative—embodied in Coordinated Blanket Order 51-933 and Ontario Securities Commission Rule 51-507—addresses persistent concerns regarding the regulatory burden of quarterly disclosures on smaller public companies.

Context and rationale

Under the existing regime, issuers are required to prepare and file quarterly financial statements and related Management Discussion and Analysis. While these requirements support timely information flow to the market, they also impose considerable costs and resource demands, particularly for venture issuers with limited operating scale.

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