The Canadian Securities Administrators (CSA) outlined several projects it is pursuing to reduce the regulatory burden on public companies in a staff notice published Tuesday.
The notice doesn’t include specific proposals for change, rather it details the policy projects that the CSA intends to pursue, in the wake of a consultation carried out last year to explore ways to curb the burden on issuers.
“As long as essential investor protections are in place, our public markets are more competitive when we lighten the regulatory load,” says Leslie Byberg, executive director and chief administrative officer of the Ontario Securities Commission, in an email. “After careful consideration, we are moving forward with several projects that would meaningfully reduce regulatory burden for public companies.”
Specific projects include: streamlining continuous disclosure requirements; enhancing electronic document delivery; and revisiting the primary business requirements to provide greater clarity to companies preparing an IPO prospectus.
“We are focusing on initiatives that are achievable, impactful and generally supported by stakeholders,” Byberg adds. “We look forward to beginning work on these projects in the coming year, and to receiving additional input from stakeholders.”
To start, the CSA will establish working groups to lead the various projects; the groups will define the mandate, scope, timelines and resources required for the various initiatives. Any proposed changes that result would still have to go through the CSA’s standard policy-making process.