For Immediate Release April 6, 2017
Toronto – The Canadian Securities Administrators (CSA) today published CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (Consultation Paper), which seeks comments on potential options for reducing regulatory burden for non-investment fund reporting issuers in the public markets.
“Regulatory requirements and the associated compliance costs should be proportionate to the regulatory objectives sought,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “The purpose of this consultation is to identify potential ways to reduce regulatory burden in the public markets without compromising investor protection or the efficiency of the capital markets.”
The Consultation Paper identifies and seeks input on potential options for reducing regulatory burden associated with capital raising in the public markets and the ongoing costs of remaining a reporting issuer. These options include:
No definitive decisions have been made to move forward on any particular initiative identified in the Consultation Paper, and the CSA welcomes comments on other options for consideration that have not been identified in the Consultation Paper, as well as input on the relative priority of the various options noted above.
Separately, the CSA is also considering ways to reduce regulatory burden in other areas of securities legislation, such as reducing disclosure obligations for investment funds.
Through recent policy initiatives, the CSA has already taken steps to support reporting issuers, including liberalizing the prospectus marketing regime, introducing new prospectus exemptions and modifying existing exemptions available to reporting issuers, and tailoring disclosure and other requirements to alleviate regulatory burden for venture issuers.
The Consultation Paper can be found on CSA members’ websites. Comments should be submitted in writing by July 7, 2017.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
Kristen Rose Ontario Securities Commission 416-593-2336
Nicole Tuncay Alberta Securities Commission 403-297-4008
Alison Walker British Columbia Securities Commission 604-899-6713
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Jason (Jay) Booth Manitoba Securities Commission 204-945-1660
Andrew Nicholson Financial and Consumer Services Commission, New Brunswick 506-658-3021
David Harrison Nova Scotia Securities Commission 902-424-8586
Janice Callbeck Office of the Superintendent of Securities, P.E.I. 902-368-6288
John O’Brien Office of the Superintendent ofSecurities, Newfoundland and Labrador 709-729-4909
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Jeff Mason Nunavut Securities Office 867-975-6591
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
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