CSA Propose "Access Equals Delivery" Model For Prospectuses And Certain Continuous Disclosure Documents

The Canadian Securities Administrators (CSA) proposal to permit electronic delivery, published on April 7, 2022, is intended to modernize the way documents are made available to investors while also reducing the costs borne by issuers and benefiting the environment.   

• The proposal would permit electronic delivery of prospectuses generally, financial statements and MD&A.
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• The CSA are accepting stakeholder comments until July 6, 2022

Prospectuses

Under the CSA's recently-released proposal (the Proposal), the CSA has proposed amendments to a number of National Instruments to allow for an "access equals delivery" model that would be available for prospectuses generally, but would exclude: (i) rights offerings by way of prospectus; (ii) prospectus offerings of investment fund securities; and (iii) Medium Term Note (MTN) programs and other continuous distributions made under a shelf prospectus.