News Release

Canadian securities regulators announce consultation on an access equals delivery model for public companies

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