TITLE: Canadian Securities Administrators Adopt Semi-Annual Financial Reporting Pilot for Venture Issuers BODY: On March 19, 2026, the Canadian Securities Administrators (CSA) announced the adoption of a semi-annual financial reporting pilot (SAR Pilot) to allow eligible venture issuers to voluntarily reduce their financial reporting obligations. The pilot provides an exemption under Coordinated Blanket Order 51-933 Exemption to Permit Semi-Annual Reporting for Certain Venture Issuers, permitting eligible issuers listed on the TSX Venture Exchange Inc. (TSXV) or CNSX Markets Inc. (CSE) to file semi-annual financial reports instead of quarterly reports under National Instrument 51-102 Continuous Disclosure Obligations. Specifically, the exemption allows eligible venture issuers to forgo filing first- and third-quarter financial reports. The SAR Pilot aims to reduce regulatory burden for smaller venture issuers while maintaining investor protection standards. Stan Magidson, CSA Chair and Chair and Chief Executive of the Alberta Securities Commission, noted the pilot represents regulatory harmonization to support Canadian capital markets competitiveness. The CSA published the SAR Pilot for comment on October 23, 2025, and received majority support from commenters during the consultation period. The CSA's Notice accompanying the Blanket Order includes a summary of comments received and the CSA's responses in Annex A. While the Blanket Order remains in effect, the CSA intends to pursue a broader rule-making project related to voluntary semi-annual financial reporting for eligible reporting issuers. The regulator will use learnings from the SAR Pilot to inform this future project. Eligible venture issuers may voluntarily adopt the semi-annual reporting framework subject to the terms and conditions outlined in the Blanket Order.

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

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