Canadian Regulators Update Policy On Electronic Delivery

The Canadian Securities Administrators today announced the adoption of changes to National Policy 11-201 Delivery of Documents by Electronic Means. The revised policy clarifies that, subject to electronic commerce and other legislation, delivery requirements of securities legislation can generally be satisfied through electronic delivery if:

• the receipt of the document has notice of electronic delivery and easy access to the document being delivered;
• the document received is the same as the document delivered; and
• the deliverer has evidence of delivery.

The Policy provides further guidance on how each of these elements can be satisfied. While express consent is not required for effective delivery under the Policy, CSA staff clarify that express consent may assist in achieving the key components identified above and note that it may still be required under electronic commerce legislation.