Canadian Securities Regulators Moving Forward With Access Model for Delivery of Continuous Disclosure Documents
On November 19, 2024, the Canadian Securities Administrators (CSA) announced they are moving forward with the previously announced access model (the “Access Model”) for non-investment fund reporting issuers to deliver annual financial statements, interim financial reports and related management's discussion & analysis (“Continuous Disclosure Documents”) by providing electronic access to the documents rather than delivering them directly to investors. The CSA has made certain material changes to its original draft regulations and has republished the proposed Access Model for an additional 90-day public comment period.
Background
On April 7, 2022, the CSA published proposed regulations for the Access Model, the details of which can be found in our Update, Canadian Securities Administrators Publish Proposed Access Equals Delivery Model. This original Access Model covered both prospectuses and Continuous Disclosure Documents. The Access Model for prospectuses was strongly supported by market participants and was implemented in January of 2024, the details of which can be found in our Update, Canadian Securities Administrators Announce Implementation of the Access Model for Prospectuses. At that time, the CSA decided to continue to review the appropriate parameters of an Access Model for Continuous Disclosure Documents.
Access Model for Continuous Disclosure Documents
The CSA has now published an updated version of the Access Model for Continuous Disclosure Documents of non-investment fund reporting issuers. The core features of the Access Model remain unchanged. Non-investment fund reporting issuers will have the option to deliver Continuous Disclosure Documents by filing them on SEDAR+ and, on the same day, issuing and filing a news release indicating, among other things, that the Continuous Disclosure Document is available electronically through SEDAR+. The updated Access Model includes additional requirements intended to ensure investors receive advance notice that an issuer intends to use the Access Model and prompt notice of the filing of individual Continuous Disclosure Documents. The CSA is republishing the updated Access Model for public comment because it considers the changes made since the initial version to be material. The public comment period will end on February 17, 2025.
For further information regarding the proposed amendments and how they could impact your business, please contact any member of our Mergers and Acquisitions Group.
Expertise
Authors
Insights
-
Capital Markets
CSA Finalizes Amendments to Align Non-GAAP Financial Measures Disclosure Framework with IFRS 18
On October 15, 2026, the Canadian Securities Administrators (CSA) published final amendments to National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) and… -
Banking and Finance
Deleveraging During a Proxy Contest: Lessons from the BC Securities Commission’s Decision in Zefiro
The British Columbia Securities Commission (BCSC) recently released its reasons in Re Zefiro Methane Corp., in which it declined to rescind a share issuance that Zefiro Methane Corp. (“Zefiro… -
REITs
The Legal Industry Reviews Edition 11 - REITs Chapter
Bill Gorman, Brenda Gosselin, and Stephen Pincus have co-authored The Canadian REIT Structure in the 11th edition of The Legal Industry Reviews Canada.In this chapter, they examine the evolution of… -
Capital Markets
CSA Proposes Broad Amendments to the Issuer Bid, Take-Over Bid and Beneficial Ownership Reporting Regimes
The Canadian Securities Administrators (CSA) published a notice and request for comment on a broad package of proposed amendments to Canada’s issuer bid, take-over bid and early warning reporting… -
REITs
The Legal Industry Reviews Edition 10 - REITs Chapter
Bill Gorman, Brenda Gosselin, and Stephen Pincus have co-authored The Canadian REIT Structure in the 10th edition of The Legal Industry Reviews Canada.In this chapter, they examine the evolution of… -
Capital Markets
Canadian Securities Administrators Adopt Semi-Annual Reporting Pilot Project
On March 19, 2026, the Canadian Securities Administrators (CSA) announced the adoption of a pilot project (the “SAR Pilot”) that permits eligible venture issuers to voluntarily report on a…
Featured Work
-
Banking and Finance
Vital Infrastructure Property Trust completes C$300 million senior unsecured debentures offering
Goodmans LLP acted for Vital Infrastructure Property Trust in connection with its private placement offering of C$300 million aggregate principal amount of 4.865% Series C senior unsecured debentures… -
Capital Markets
Apotex Health Corp. closes $1.25 billion inaugural senior unsecured notes offering
Goodmans LLP acted for Apotex Health Corp. in connection with its private placement offering of $1.25 billion aggregate principal amount of senior unsecured notes… -
Entertainment
WildBrain announces a C$20 million substantial issuer bid
Goodmans LLP is acting for WildBrain Ltd. in connection with its substantial issuer bid to purchase, for cancellation, a number of common shares of the company for an aggregate purchase price not… -
Capital Markets
Apotex Health Corp. completes upsized $850 million bought deal secondary offering
Goodmans LLP acted for Apotex Health Corp. in connection with the closing of the upsized bought deal secondary offering of its common shares by an affiliate of SK Capital Partners, API Investment LP… -
Mergers and Acquisitions
Onex Partners and co-investors acquire AirSprint
Goodmans LLP acted as M&A legal counsel to Onex Partners in connection with the acquisition of AirSprint Inc. by Onex and its co-investors… -
REITs
Minto Apartment REIT completes going-private transaction with Crestpoint and Minto Group
Goodmans LLP acted for Minto Apartment Real Estate Investment Trust (the “REIT”) in connection with its going-private transaction with Crestpoint Real Estate Investments Limited Partnership…
News & Events
-
Banking and Finance
Goodmans Recognized in the Best Law Firms - Canada 2027
Goodmans is pleased to be featured in the Best Law Firms - Canada 2027, recognizing us as one of Canada’s most exceptional law firms across 41 industries and practices.We are also honoured to be… -
Aging and Healthcare
Goodmans Honoured with Top-Tier Recognition from Chambers
We are proud to announce Goodmans has received top-tier recognition from Chambers in the Chambers Canada 2027 Guide. Recognition from Chambers is based on independent research and direct client… -
Capital Markets
Goodmans Welcomes Dominique Carli
Goodmans is delighted to announce Dominique Carli has joined the firm as an Associate. Dom’s practice focuses on various areas of corporate law including mergers and acquisitions, private equity…