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ARTICLE · 10 APRIL 2026

Relief For Venture Issuers: CSA Adopts Semi-annual Reporting Pilot

Borden Ladner Gervais LLP
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Venture issuers who meet certain conditions and criteria can now file financial statements and related MD&A on a semi-annual basis (the SAR Pilot) under the Canadian Securities Administrators...

CanadaCorporate/Commercial Law
Corbin Boes
Corbin Boes
Louise Lee
Louise Lee
Salvador Pimentel
Salvador Pimentel
Laura Levine
Laura Levine
Ben Keen
Ben Keen
Author LinkedIn connections

Venture issuers who meet certain conditions and criteria can now file financial statements and related MD&A on a semi-annual basis (the SAR Pilot) under the Canadian Securities Administrators’ (CSA) new Coordinated Blanket Order 51-933 – Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (the Blanket Order). The Blanket Order introduces a voluntary pilot project that is intended to reduce the regulatory burden and costs associated with frequent interim reporting for smaller issuers and will be monitored by the CSA to inform future rule making.

What you need to know

  • Eligible issuers listed on the TSX Venture Exchange (TSXV) or the Canadian Securities Exchange (CSE) may elect to file interim financial statements and related MD&A on a semi-annual, rather than quarterly, basis.

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