TITLE: Canadian Securities Administrators Adopts Semi-Annual Financial Reporting Pilot for Venture Issuers
BODY:
The Canadian Securities Administrators (CSA) has adopted a pilot project allowing eligible venture issuers to voluntarily transition to semi-annual financial reporting. Under Coordinated Blanket Order 51-933 Exemption to Permit Semi-Annual Reporting for Certain Venture Issuers, eligible venture issuers listed on TSX Venture Exchange Inc. (TSXV) or CNSX Markets Inc. (CSE) are exempted from filing first- and third-quarter financial reports under National Instrument 51-102 Continuous Disclosure Obligations.
The Semi-Annual Reporting (SAR) Pilot aims to reduce regulatory burden for smaller venture issuers while maintaining investor protection standards. The CSA, which coordinates securities regulation across Canada's provinces and territories, consulted on the pilot from October 23, 2025, receiving majority support from commenters. The CSA's responses to consultation feedback are detailed in Annex A of the accompanying CSA Notice.
Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission, stated the pilot demonstrates regulatory harmonization to support Canadian capital market competitiveness.
During the Blanket Order's effectiveness period, the CSA intends to pursue a broader rule-making project addressing voluntary semi-annual financial reporting for eligible reporting issuers more broadly. Learnings from the SAR Pilot will inform this future project development.
The pilot applies across all Canadian provinces and territories: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, and Yukon.
**REFERENCE:**
Coordinated Blanket Order 51-933 Exemption to Permit Semi-Annual Reporting for Certain Venture Issuers, Canadian Securities Administrators