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Jan 09, 2020
Montreal – The Canadian Securities Administrators (CSA) today published CSA Consultation Paper 51-405 Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers (the consultation paper), which solicits views on the appropriateness of introducing an “access equals delivery” model in the Canadian market. Under this model, delivery of a document would be effected by the issuer alerting investors that the document is publicly available on the System for Electronic Document Analysis and Retrieval (SEDAR) and the issuer’s website.
“We recognize that electronic access to documents facilitates more efficient communication with investors, and reduces regulatory burden for issuers,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Through this consultation, we will evaluate options for enhancing electronic access to documents, without compromising investor protections.”
The consultation paper provides an overview of current delivery requirements under securities legislation and describes the CSA’s proposed access equals delivery model. Additionally, the paper discusses similar models that have been implemented in other jurisdictions. The CSA is seeking comment on, among other things, the scope and mechanics of access equals delivery, including the types of documents that could be covered by the model.
The consultation paper can be found on the websites of CSA members. Comments should be submitted in writing by March 9, 2020.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For more information:
Kristen Rose Ontario Securities Commission 416-593-2336
Brian Kladko British Columbia Securities Commission 604-899-6713
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
Janice Callbeck The Office of the Superintendent of Securities, P.E.I. 902-368-6288
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Jeff Mason Nunavut Securities Office 867-975-6591
Hilary McMeekin Alberta Securities Commission 403-592-8186
Jason Booth The Manitoba Securities Commission 204-945-1660
Sylvain Théberge Autorité des marchés financiers 514-940-2176
David Harrison Nova Scotia Securities Commission 902-424-8586
John O’Brien Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305