In April 2024, the Canadian Securities Administrators (CSA) implemented an “access equals delivery” model (AED model) for prospectuses including long-form, short-form, shelf, and post-receipt pricing (PREP).
On November 19, 2024, the CSA proposed amendments to this model to also include continuous disclosure documents – annual financial statements, interim financial statements and related management discussion.
Under the proposed amendment, non-investment fund reporting issuers and dealers can meet their delivery obligations under securities law for continuous disclosure documents by:
(a) publicly announcing through a news release at least 25 days prior to their annual meeting:
i. the documents are accessible at www.sedarplus.com
ii. an electronic or paper copy can be obtained at no charge upon request and providing the contact information to do so
iii. notifying investors that any standing instructions to receive a paper copy will continue
(b) filing the documents on SEDAR+
(c) posting the documents to their website the same day
In addition, issuers using the amended AED model would need to send a separate document to shareholders with their proxy materials noting that the SEDAR+ notification feature is available, outline how they can obtain the continuous disclosure documents, and that they may provide instructions on their preferred method of delivery for these documents.
As a member of the Securities Transfer Association of Canada (STAC), we continue to advocate for our clients’ best interests and are often involved in industry discussions to help ensure process changes meet the needs of all parties and do not create challenges for our issuer clients or agents.
If you have questions about this proposed change, please reach out to your Relationship Manager.
Computershare is not providing, and does not intend to provide, any legal, tax or investment advice.