Exemption Order 51-933 - Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers

Exemption Order 51-933 - Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers

General Order 51-933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers

Effective Date: March 19, 2026.

This Blanket Order establishes a voluntary semi-annual reporting pilot project (the SAR Pilot or Project) for certain venture issuers. The SAR Project is intended to reduce regulatory burden for smaller venture issuers while maintaining appropriate investor protection through targeted eligibility criteria, the voluntary participation model and continued application of timely disclosure requirements. This approach reflects the Canadian Securities Administrators' ongoing consideration of semi-annual reporting (SAR) for smaller venture issuers and adopts an incremental approach through a time-limited pilot project. Implementing SAR through a pilot will allow regulators to assess its effectiveness before considering broader rule-making initiatives.

Further details can be found in the CSA Notice.

go_51-933_march_19_2026.pdf