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ARTICLE · 30 OCTOBER 2025

CSA Proposes Semi-Annual Reporting Pilot For Venture Issuers

Fogler, Rubinoff LLP
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On October 23, 2025, the Canadian Securities Administrators (the "CSA") published a Notice of Publication and Request for Comment regarding...

CanadaCorporate/Commercial Law
Eric Roblin
Eric Roblin
Marco Agostini
Marco Agostini
Rebekah Rodrigues
Rebekah Rodrigues
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On October 23, 2025, the Canadian Securities Administrators (the "CSA") published a Notice of Publication and Request for Comment regarding a proposed multi-year pilot that would permit eligible venture issuers to adopt semi-annual financial reporting (the "SAR Pilot").

The SAR Pilot would be implemented through proposed Coordinated Blanket Order 51- 933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (the "Blanket Order"). Under the Blanket Order, certain venture issuers would be exempt from the requirement under National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102") to file first- and third-quarter interim financial reports and accompanying MD&A, provided they meet specified eligibility criteria and conditions, including a commitment to file semi-annually instead. The purpose of the Blanket Order is to exempt a specified class of reporting issuers from certain three- and nine-month continuous disclosure requirements,

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