Canadian Securities Regulators Launch Pilot for Semi-Annual Financial Reporting

AMF Quebec News

Published March 19th, 2026

Detected March 19th, 2026

Summary

Canadian securities regulators, through the CSA, have launched a pilot project allowing eligible venture issuers to voluntarily adopt semi-annual financial reporting. 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 launch of 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 adopt a semi-annual financial reporting framework. This pilot provides an exemption from the requirement to file first- and third-quarter financial reports under National Instrument 51-102, aiming to reduce regulatory burden for smaller issuers.

Eligible venture issuers should review the terms and conditions of Coordinated Blanket Order 51-933 to determine their eligibility and decide whether to opt into the pilot. While the Blanket Order is in effect, the CSA plans to undertake broader rule-making on voluntary semi-annual financial reporting for other eligible reporting issuers, using the learnings from this pilot. The comment period for the proposed pilot closed prior to this announcement, with a majority of commenters supporting the initiative.

What to do next

Review Coordinated Blanket Order 51-933 for eligibility criteria for the SAR Pilot.
Determine if opting into the voluntary semi-annual financial reporting framework is beneficial for the entity.
Ensure compliance with National Instrument 51-102 for any periods not covered by the SAR Pilot exemption.

Source document (simplified)

Published: March 19, 2026 CSA 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
[email protected]

Debra Chan
Ontario Securities Commission
[email protected]

For investor inquiries, please contact your local securities regulator

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