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
Canadian Securities Administrators Propose Semi-Annual Reporting Pilot Project
On October 23, 2025, the Canadian Securities Administrators (CSA) announced a pilot project to allow certain venture issuers to voluntarily adopt semi-annual financial reporting (the “SAR Pilot”). The… -
Capital Markets
Pre-Budget Consultations by The Coalition to Support Investment in Canada
On August 27, 2025, The Coalition to Support Investment in Canada made written submissions in response to the Canadian government’s 2025 pre-budget consultations. The submissions seek to foster… -
Capital Markets
The Going Public Alternative
Since 2023, publicly listed Canadian senior living companies1 have generated strong returns for investors and have been some of the best performing issuers in Canada’s public real estate sector. With… -
Capital Markets
Successful Exercise of Dissent Rights Reaffirms Importance of Transaction Price
In a rare example of a successful exercise of statutory dissent rights, a group of shareholders dissenting from a court-approved merger recently obtained a fair value determination five times above… -
Capital Markets
CSA Embraces Well-Known Seasoned Issuer Program in NI 44-102 Amendments
On August 28, 2025, the Canadian Securities Administrators (CSA) announced amendments to National Instrument 44-102 – Shelf Distributions (“NI 44-102”). The changes harmonize and make permanent (with… -
Capital Markets
Alberta Securities Commission Provides Reasons for Cease Trading Tactical Shareholder Rights Plan in Re Greenfire Resources
The Alberta Securities Commission (ASC) released the reasons for its recent order cease trading a tactical shareholder rights plan adopted by Greenfire Resources Ltd. (“Greenfire”) to prevent a…
Featured Work
-
Private Equity and Venture Capital
Dragoneer Investment Group co-leads C$750 million equity financing for Wealthsimple Technologies Inc.
Goodmans LLP acted as Canadian counsel for Dragoneer Investment Group in connection with its investment in Wealthsimple’s C$750 million equity financing round. Dragoneer and Singapore sovereign wealth… -
Mergers and Acquisitions
Onex sells WestJet stakes to Delta and Korean Air
Goodmans LLP advised WestJet Airlines Ltd. and its controlling shareholder, Onex Corporation, in connection with the sale of Onex’s minority stakes in WestJet to Delta Air Lines and Korean Air… -
Capital Markets
Canaccord Genuity Corp. completes C$30 million private placement for SOL Strategies Inc.
Goodmans LLP acted for Canaccord Genuity Corp. (“Canaccord”), acting as agent and sole bookrunner, in connection with the closing of a C$30 million listed issuer financing exemption offering (the… -
Shareholder Activism
Plantro Ltd. completes Tender Offer and Information Services Corporation activist campaign
Goodmans LLP advised Plantro Ltd. in connection with its all-cash tender offer to acquire class A limited voting shares in the capital of Information Services Corporation (“ISC”) at a price of $30 per… -
Mergers and Acquisitions
Dayforce to be taken private by Thoma Bravo for US$12.3 billion
Goodmans LLP is advising Dayforce, Inc. as Canadian counsel in connection with its definitive agreement to be taken private by Thoma Bravo in an all-cash transaction with an enterprise value of… -
Capital Markets
Brookfield Corporation announces US$650 million cross-border senior notes offering
Goodmans LLP is acting as Canadian counsel for the underwriters in connection with a public offering by Brookfield Corporation of US$650 million principal amount of senior notes due 2036, with an…
News & Events
-
Banking and Financial Services
Goodmans Recognized in the Best Law Firms - Canada 2026
Goodmans is pleased to share we are once again featured in the Best Law Firms - Canada 2026, recognizing us as one of Canada’s most exceptional law firms across 42 industries and practices.We are also… -
Banking and Financial Services
Goodmans Named One of Canada’s Best Law Firms for 2026
We are proud to announce Goodmans has once again been featured on The Globe and Mail’s Canada’s Best Law Firms list, recognizing us as one of the country’s best law firms for 2026.Goodmans was listed… -
Aging and Healthcare
Goodmans Honoured Again with Top-Tier Recognition from Chambers and Partners
We are delighted to announce Goodmans LLP continues to receive top-tier recognition from Chambers and Partners in the Chambers Canada 2026 Guide.Recognition from Chambers and Partners is based on…