TITLE: British Columbia Securities Commission Permits Semi-Annual Reporting for Certain Venture Issuers
BODY:
On March 19, 2026, the British Columbia Securities Commission issued Coordinated Blanket Order 51-933, which exempts specified venture issuers from quarterly continuous disclosure requirements under the Securities Act (British Columbia) and National Instrument 51-102 Continuous Disclosure Obligations.
The exemption permits eligible reporting issuers to file semi-annual financial reports instead of quarterly reports for the three and nine-month interim periods. The Commission determined that for certain venture issuers, the regulatory and internal costs of preparing quarterly reports may exceed their benefit to investors. To qualify for the Quarterly Reporting Exemption, an issuer must satisfy all of the following conditions: be a reporting issuer for at least 12 months; be classified as a venture issuer; have exchange-listed securities on TSX Venture Exchange Inc. or CNSX Markets Inc.; have revenue of no more than $10 million based on most recently filed audited annual financial statements; maintain compliance with all periodic disclosure requirements; have no penalties, sanctions, or unrevoked cease trade orders in the preceding 12 months; and issue a news release specifying reliance on this Order.
Issuers relying on the exemption are also exempt from providing three-month comparative financial information, delivering interim financial reports and management's discussion and analysis (MD&A) to shareholders, and certain MD&A form requirements. However, the exemption does not apply to interim disclosure requirements in prospectuses, information circulars, or take-over bid circulars. Additionally, issuers must cease relying on the exemption if they change their financial year end or file a base shelf prospectus, and must not file shelf prospectus supplements or distribute securities under existing supplements while relying on the exemption.
The Order came into effect on March 19, 2026.