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Investing.com -- Canada’s securities regulators have proposed a multi-year pilot program that could reshape financial reporting norms for smaller public companies. The Canadian Securities Administrators (CSA) unveiled the Semi-Annual Reporting (SAR) Pilot, which would allow certain venture issuers to forego first and third quarter financial disclosures in favor of a twice-a-year reporting schedule.
Eligible companies would include those listed on the TSX Venture Exchange and the Canadian Securities Exchange, subject to specific terms and conditions. The initiative is part of a broader effort by the CSA to reduce the regulatory burden on smaller companies while aligning standards more closely with global practices.
“The semi-annual financial reporting pilot is the result of work and consultations by the CSA that go back several years, as well as our ongoing efforts to support the competitiveness of Canadian capital markets by making financial reporting more efficient and cost-effective for eligible issuers,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “We are committed to a Canadian regulatory environment that is right-sized for our market and responsive to the changing needs of market participants.”
The SAR Pilot would be launched through coordinated blanket orders across Canada’s provincial and territorial regulators. These orders would grant exemptions to eligible issuers from certain reporting obligations under National Instrument 51-102, which governs continuous disclosure requirements.
The CSA has set a 60-day public comment period for stakeholders to provide feedback on the pilot proposal, which includes a review of the proposed blanket order. That consultation period is scheduled to conclude on December 22, 2025, after which the CSA will assess market sentiment and determine the next steps, including potential formal rulemaking.
This proposal surfaces amid growing international debate about the frequency of corporate reporting and its implications for capital markets. U.S. President Donald Trump reignited the conversation in a September 2025 post on Truth Social, writing, “Companies and Corporations should no longer be forced to ‘Report’ on a quarterly basis (Quarterly Reporting!), but rather to Report on a ‘Six (6) Month Basis.’ This will save money, and allow managers to focus on properly running their companies.”
Trump further suggested that such a change could reduce short-term pressures and “allow managers to focus on properly running their companies.” The White House under his leadership had previously asked the U.S. Securities and Exchange Commission to study the impact of semi-annual reporting back in 2018.
While the CSA’s pilot remains voluntary and targeted at smaller issuers, its outcome could influence broader changes in international reporting regimes. With a broader rulemaking process on the horizon, Canada appears poised to test whether less frequent reporting could work without sacrificing investor transparency or market efficiency.