Overview and Key Practical Takeaways
Canada’s pilot project for voluntary semi-annual reporting (SAR) by eligible venture issuers entered into effect last month.
Our preliminary review shows that SAR appears to be catching on, and we expect the number of issuers using SAR to grow. But that does not mean that SAR cannot be improved.
Our more detailed thoughts follow. For more Fasken capital markets thought leadership, visit our Capital Markets and M&A hub and subscribe.
The SAR Pilot Project: A Major Change in Continuous Disclosure
The SAR pilot project was announced by the Canadian Securities Administrators (CSA) in October 2025 and entered into effect on March 19, 2026. Eligible issuers listed on the TSX Venture Exchange (TSXV) or the Canadian Securities Exchange (CSE) can now benefit from an exemption from the requirement to file first and third quarter financial statements and management’s discussion and analysis (MD&A) under National Instrument 51-102 Continuous Disclosure
