On Apr. 17, CSA on measures to support participants that go public.
CSA reported that is introduced measures to support market participants that choose to go public, maintain a listing, and contribute to capital formation in Canada.
Start of incremental measures to support competitiveness of Canada’s capital markets.
Multi-faceted prospectus and disclosure blanket order to reduce regulatory burden and provide flexibility for companies currently reporting, or that choose to pursue an IPO.
Expands existing exemption from requirement to provide audited financial statements for third most recently completed financial year in connection with IPOs, transactions.
Second blanket order provides a prospectus exemption for companies that will be going or have recently gone public in Canada through an underwritten IPO.
Gives flexibility to raise additional capital following IPO provided certain conditions met
Third order in Alberta, New Brunswick, Nova Scotia, Ontario, Québec, Saskatchewan.
Investment limit in the offering memorandum exemption will increase for certain eligible investors to allow for reinvestment of proceeds within a 12-month period.
Effectiveness
Coordinated blanket orders are effective on Apr. 17, 2025.
Jul. 2026 CSA OSC Commission Approval
On Jul. 9, 2026, CSA OSC issued approval of orders to be effective indefinitely and the foregoing Orders 45-933, 45-930, 41-930 have now become rules under CSA OSC.
OSC Rule 41-503 Exemptions from Certain Prospectus and Disclosure Requirements.
OSC Rule 45-511 Prospectus Exemption for New Reporting Issuers, OSC Rule 45-512 Exemption from the Investment Limit under the Offering Memorandum Prospectus Exemption to Exclude Reinvestment Amounts.
If Minister approves the Rules, the Rules will come into force on Oct. 16, 2026.
