The Canadian Securities Administrators (CSA) – the umbrella organisation for Canada's securities regulators – announced today (19 March) a pilot project to allow certain companies to report financial information on a semi-annual basis.
Under a blanket order, listed firms with less than C$10m and a 12-month continuous disclosure record (‘venture issuers’) are exempt from reporting quarterly financial reports for Q1 and Q3.
Last year, the CSA consulted on the pilot project. It noted support form “a majority of commentators”.
While the blanket order is in effect, the regulatory bodies plan to commence a broader rule-making project on semi-annual financial reporting.
Stan Magidson, chair of both the CSA and the Alberta Securities Commission, stated: “The semi-annual financial reporting pilot is a great example of harmonisation by Canada’s regulators to support the competitiveness of Canadian capital markets, particularly for smaller venture issuers.”
People:Stan Magidson
