Canadian Regulators Launch Pilot for Semi-Annual Financial Reporting

Ontario Securities Commission News

Published March 19th, 2026

Detected March 20th, 2026

Summary

Canadian securities regulators, through the CSA, have launched a pilot project allowing eligible venture issuers to voluntarily file semi-annual financial reports instead of quarterly ones. This initiative aims to reduce regulatory burden for smaller issuers listed on the TSXV or CSE, while maintaining investor protection.

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What changed

The Canadian Securities Administrators (CSA) have adopted a pilot project, effective March 19, 2026, that permits eligible venture issuers listed on the TSX Venture Exchange (TSXV) or CNSX Markets Inc. (CSE) to voluntarily file semi-annual financial reports. This exemption, detailed in Coordinated Blanket Order 51-933, relieves these issuers from the requirement to file first- and third-quarter financial reports under National Instrument 51-102 Continuous Disclosure Obligations. The pilot is intended to reduce regulatory burden for smaller venture issuers while ensuring investor protection.

Compliance officers for eligible venture issuers should review the terms and conditions of Coordinated Blanket Order 51-933 to determine eligibility and decide whether to opt into the semi-annual reporting framework. This change is voluntary, and issuers must assess the potential benefits of reduced reporting burden against any internal resource implications. The CSA will use learnings from this pilot to inform future rule-making on voluntary semi-annual financial reporting for a broader range of reporting issuers.

What to do next

Review eligibility criteria for the SAR Pilot under Coordinated Blanket Order 51-933.
Assess the benefits and implications of voluntarily adopting semi-annual financial reporting.
Implement semi-annual financial reporting if the pilot is adopted.

Source document (simplified)

Canadian securities regulators announce adoption of semi-annual financial reporting pilot

CSA

March 19, 2026

For Immediate Release

TORONTO – The Canadian Securities Administrators (CSA) today announced the adoption of a pilot project to allow eligible venture issuers to voluntarily adopt a semi-annual financial reporting framework (the SAR Pilot), subject to the terms and conditions in Coordinated Blanket Order 51-933 Exemption to Permit Semi-Annual Reporting for Certain Venture Issuers ** (the Blanket Order).

The SAR Pilot provides an exemption for eligible venture issuers listed on the TSX Venture Exchange Inc. (TSXV) or the CNSX Markets Inc. (CSE) from the requirement to file first- and third-quarter financial reports under National Instrument 51-102 Continuous Disclosure Obligations.

“The semi-annual financial reporting pilot is a great example of harmonization by Canada’s regulators to support the competitiveness of Canadian capital markets, particularly for smaller venture issuers,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “We thank those who provided comments during the consultation period, which indicated the SAR Pilot would meaningfully reduce regulatory burden for smaller venture issuers while maintaining investor protection.”

On October 23, 2025, the CSA published the SAR Pilot for comment. A majority of commenters were supportive of the SAR Pilot. Annex A of the CSA Notice accompanying the Blanket Order includes a summary of comments and the CSA’s responses.

While the Blanket Order is in effect, the CSA intends to engage in a broader rule-making project related to voluntary semi-annual financial reporting for eligible reporting issuers and will use learnings from the SAR Pilot to inform that project.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.