The Canadian Securities Administrators is proposing to streamline the short form prospectus system to allow issuers to more efficiently access the capital markets by depending increasingly on their existing continuous disclosure record.

The CSA said today that the proposed changes are designed to more fully integrate the disclosure systems for the primary and secondary markets and to update the current rules.

The proposed rule also contemplates broadening access to the short form prospectus system to allow more issuers to benefit from the streamlined system.

“By harmonizing and integrating the short form prospectus regime with the new continuous disclosure regime, we are creating a seamless, integrated and expedited offering system,” said Stephen Sibold, chair of the CSA and of the Alberta Securities Commission, in a release. “The new system can allow issuers to respond more quickly and efficiently to market opportunities without diminishing the information and protection available to investors.”

The regulators say the proposed changes to the short form prospectus system are now possible given the improvements in continuous disclosure due the CSA’s increased focus and allocation of resources to reviews of continuous disclosure documents and processes, and the availability of continuous disclosure documents on SEDAR.

The CSA is seeking public comment on the proposed rule by April 8, and plan to implement the proposed rule in July. Depending in part on the comments received, the amendments proposed may be adopted in their entirety or in part.