The Canadian Securities Administrators (CSA) today published in final form amendments and changes to implement an access model for certain continuous disclosure documents of reporting issuers, other than investment funds. The Access Model is designed to modernize how annual financial statements, interim financial reports, and related management's discussion and analysis (collectively, CD documents) are made available to investors.
Key Features of the Access Model
The Access Model is not mandatory for issuers. It provides alternative procedures whereby electronic access may be provided to CD documents instead of following the delivery requirements currently found in securities legislation. Under the model, investors will continue to be able to request, or provide standing instructions to receive, the CD documents in electronic or paper form.
“This Access Model is consistent with the general evolution of our capital markets and recognizes that investors are increasingly accessing and consuming information electronically,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “Using technology to facilitate communication with investors is an important step for our markets.”
SEDAR+ Notification Functionality
Among the measures implemented to support this change, the CSA has developed SEDAR+ notification functionality. A person or company can use this feature to subscribe to receive an email notification when the CD documents they subscribed for have been filed by the issuer on SEDAR+. This aims to streamline investor access to timely information.
Implementation Timeline
Provided all necessary approvals are obtained, the amendments and changes will come into force on September 22, 2026. The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.
For media inquiries, contact Ilana Kelemen at the Canadian Securities Administrators (media@acvm-csa.ca) or Sylvain Théberge at the Autorité des marchés financiers (sylvain.theberge@lautorite.qc.ca). For investor inquiries, contact your local securities regulator.
