Canada’s public company landscape is evolving rapidly, placing new demands and expectations on boards. Ongoing economic uncertainty due to tariffs and geopolitical events, regulatory changes, the emergence of AI, and cybersecurity threats call for many organizations to move away from being reactive. Instead, they need to anticipate changes to better position their organizations for the future.
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On May 19, the Securities and Exchange Commission (SEC) proposed significant amendments to its rules that would greatly expand the number of US domestic reporting companies eligible for securities law accommodations, including exemptions for auditor attestation reports under Sarbanes-Oxley (SOX) and an increased ability to file short-form shelf registration statements on Form S-3. The proposed rules, however, would largely leave intact the existing SOX and registration statement requirements for foreign private issuers (FPIs), including those reporting under the multijurisdictional disclosure system (MJDS).
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The Canadian Securities Administrators (“CSA”) authorize eligible emerging issuers to opt for the biannual disclosure of financial information under Coordinated General Decision 51-933 on exemptions for half-yearly reporting for certain emerging issuers (the “General Decision”).
After a review of the documents filed in SEDAR+, we analyze the adoption rate and profile of participating issuers – stock market, industry, market capitalization – as well as emerging practices related to semi-annual disclosure and related disclosure obligations. We also provide relevant observations for issuers who believe they opt for semi-annual disclosure and outline the preferred path to effectively inform markets.
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In a broad set of proposals announced last week, the Canadian Securities Administrators (CSA) is considering wide-ranging amendments to Canadian securities law.
The changes, if adopted as proposed, would impact several areas of securities law and practice
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What if the biggest risk facing your company isn’t failing to execute strategy — but failing to deliver on why you exist? As more organizations adopt a purpose beyond profit, traditional risk frameworks are struggling to keep up.
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