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Canadian securities regulators propose semi-annual financial reporting pilot

November 3, 2025
The Canadian Securities Administrators (CSA)
Disclosure, Trading, Investor Relations

The Canadian Securities Administrators (CSA) announced a proposed multi-year pilot to allow eligible venture issuers to voluntarily adopt semi-annual financial reporting (the SAR Pilot). The SAR Pilot would provide an exemption for certain venture issuers listed on the ºÚÁÏ´«ËÍÃÅ Venture Exchange Inc. (TSXV) or the CNSX Markets Inc. (CSE) from the requirement to file first and third quarter financial reports under National Instrument 51-102 Continuous Disclosure Obligations.

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