Canadian Securities Administrators adopts semi-annual financial reporting pilot for eligible TSXV and CSE venture issuers

The Canadian Securities Administrators (CSA) adopted a pilot project allowing eligible venture issuers to voluntarily move to a semi-annual financial reporting framework, subject to conditions in Coordinated Blanket Order 51-933. The exemption removes the requirement to file first- and third-quarter financial reports that would otherwise be required under National Instrument 51-102 Continuous Disclosure Obligations. The pilot applies to eligible venture issuers listed on the TSX Venture Exchange Inc. or CNSX Markets Inc. (CSE). The CSA previously consulted on the pilot, publishing it for comment on 23 October 2025, and Annex A of the accompanying CSA notice summarises feedback received and the CSA’s responses. While the blanket order remains in effect, the CSA intends to pursue a broader rule-making project on voluntary semi-annual reporting for eligible reporting issuers, using learnings from the pilot to inform that work.