News Release

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

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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 

Hilary McMeekin 
Alberta Securities Commission

Brian Kladko 
British Columbia Securities Commission 

Jason (Jay) Booth
Manitoba Securities Commission 

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan

Sylvain Théberge
Autorité des marchés financiers

Sara Wilson
Financial and Consumer Services
Commission, New Brunswick

David Harrison
Nova Scotia Securities Commission

Janice Callbeck
Office of the Superintendent of Securities,
Prince Edward Island

John O’Brien
Office of the Superintendent of Securities, Newfoundland and Labrador 

Rhonda Horte
Office of the Yukon Superintendent of

Tom Hall
Office of the Superintendent of Securities
Northwest Territories

Jeff Mason     
Nunavut Securities Office