Canadian Regulators Adopt Semi-Annual Financial Reporting Pilot

BCSC News Releases

Published March 19th, 2026

Detected March 19th, 2026

Summary

Canadian securities regulators have adopted 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 while maintaining investor protection.

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What changed

The Canadian Securities Administrators (CSA) have announced the adoption of the Semi-Annual Reporting (SAR) Pilot, effective March 19, 2026. This pilot, implemented through Coordinated Blanket Order 51-933, provides an exemption for eligible venture issuers listed on the TSX Venture Exchange (TSXV) or CNSX Markets Inc. (CSE) from filing first and third-quarter financial reports as required by National Instrument 51-102. The CSA intends to use learnings from this pilot to inform a broader rule-making project on voluntary semi-annual financial reporting for other eligible reporting issuers.

Eligible venture issuers can voluntarily opt into this framework to reduce their financial reporting obligations. While the pilot is designed to lessen regulatory burden, it maintains investor protection standards. Companies that qualify and choose to participate will no longer need to file interim financial statements for the first and third quarters of their fiscal year. The CSA has indicated that this change is a step towards harmonizing regulations and supporting the competitiveness of Canadian capital markets, particularly for smaller entities.

What to do next

Review eligibility criteria for the SAR Pilot
Determine if voluntary adoption of semi-annual financial reporting is appropriate for the entity
Consult Coordinated Blanket Order 51-933 for specific terms and conditions

Source document (simplified)

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News Release

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

### Date:

2026-03-19
- ### Number:

2026/016

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.

For media inquiries, please contact:

Ilana Kelemen **** Canadian Securities Administrators
media@acvm-csa.ca

Debra Chan **** Ontario Securities Commission
media_inquiries@osc.gov.on.ca

For investor inquiries, please contact your local securities regulator.