CSA Adopts Semi-Annual Financial Reporting Pilot for Venture Issuers

CSA News (Canadian Securities)

Published January 17th, 2024

Detected March 20th, 2026

Summary

The Canadian Securities Administrators (CSA) has adopted a pilot project allowing eligible venture issuers to voluntarily file semi-annual financial reports instead of quarterly reports. This initiative, formalized by Coordinated Blanket Order 51-933, aims to reduce regulatory burden for smaller issuers listed on the TSX Venture Exchange or CNSX Markets while maintaining investor protection.

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What changed

The Canadian Securities Administrators (CSA) has officially adopted a pilot project, formalized by Coordinated Blanket Order 51-933, that permits eligible venture issuers to voluntarily file semi-annual financial reports. This exemption allows these issuers, listed on the TSX Venture Exchange (TSXV) or CNSX Markets Inc. (CSE), to forgo the requirement of filing first- and third-quarter financial reports under National Instrument 51-102 Continuous Disclosure Obligations.

This pilot is intended to reduce the regulatory burden for smaller venture issuers and enhance the competitiveness of Canadian capital markets. While the Blanket Order is in effect, the CSA will use learnings from this pilot to inform a broader rule-making project on voluntary semi-annual financial reporting for other eligible reporting issuers. Companies that qualify and choose to participate should ensure they comply with the specific terms and conditions outlined in the Blanket Order.

What to do next

Review eligibility criteria for the SAR Pilot.
Determine if voluntary semi-annual reporting is beneficial for the entity.
Comply with the terms and conditions of Coordinated Blanket Order 51-933 if opting into the pilot.

Source document (simplified)

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 investor inquiries, please contact your local securities regulator.

Coordinated Blanket Order 51-933 *Exemption to Permit Semi-Annual Reporting for Certain Venture Issuers*

Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon