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ARTICLE · 02 FEBRUARY 2024

Goodbye Printed Prospectus? The CSA Finalizes Its "Access Equals Delivery" Model

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In a welcome and long-awaited development for reporting issuers, the Canadian Securities Administrators (CSA) issued the finalized amendments (the AED Amendments)...

CanadaCorporate/Commercial Law
Marie-Christine Valois
Marie-Christine Valois
Alex Nikolic
Alex Nikolic
Samuel Li
Samuel Li
Perry Feldman
Perry Feldman
Paul Blyschak
Paul Blyschak
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Overview

In a welcome and long-awaited development for reporting issuers, the Canadian Securities Administrators (CSA) issued the finalized amendments (the AED Amendments) implementing its "access equals delivery" model for prospectuses (the "AED Model") on January 11, 2024.

Why is this good news for reporting issuers? Because, where applicable, it means modernized prospectus delivery and reduced administrative costs and burden by avoiding printing and mailing prospectuses to investors as currently required under securities laws. We highlight the key features of the AED Model, set to become effective April 16, 2024.

The "Access Equals Delivery" Model in Brief

The CSA explains that the goal of the AED Model is to benefit "both issuers and investors by providing a more cost-efficient, timely and environmentally-friendly manner of communicating information to investors than paper delivery."

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