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On October 23, 2025, the Canadian Securities Administrators (CSA) announced a proposed multi-year pilot program that would permit eligible venture issuers to voluntarily adopt semi-annual financial reporting (the SAR Pilot). This initiative is designed to provide certain venture issuers listed on the TSX Venture Exchange (TSXV) or the Canadian Securities Exchange (CSE) with an exemption from the requirement to file first and third quarter financial reports under National Instrument 51-102 Continuous Disclosure Obligations.
The SAR Pilot reflects the CSA's ongoing efforts to enhance the competitiveness of Canadian capital markets by streamlining financial reporting obligations for eligible issuers. According to Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission, the pilot is the culmination of several years of consultation and is intended to create a regulatory environment that is appropriately tailored to the Canadian market and responsive to evolving market needs.
Implementation of the SAR Pilot will occur through coordinated blanket orders issued by CSA members. These orders will provide exemptions from certain continuous disclosure requirements and establish a voluntary semi-annual reporting framework for qualifying venture issuers, subject to specified terms and conditions.
The CSA has published a Notice and Request for Comment, which includes a summary of the SAR Pilot, details of the proposed terms and conditions and relevant commentary. The proposed Coordinated Blanket Order 51-933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers is open for public comment until December 22, 2025. The CSA encourages stakeholders to provide feedback on the scope and structure of the SAR Pilot during this 60-day comment period.
Looking ahead, the CSA intends to pursue a broader rule-making initiative related to voluntary semi-annual reporting. As the umbrella organization for Canada's provincial and territorial securities regulators, the CSA continues to coordinate and harmonize regulation to support the efficiency and integrity of Canadian capital markets.
For further information, please refer to the CSA Notice and Request for Comment and monitor developments as the SAR Pilot progresses.
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