By Andrew Burke, David Slipp and Noah Archibald

The Canadian Securities Administrators recently finalized a new “Access Model” that will change how reporting issuers can make financial disclosure documents available to shareholders. These changes permitting online access instead of delivery are expected to come into force on September 22, 2026.

What is changing?

On June 25, 2026, the securities regulators in Canada published final amendments to National Instrument 51-102 Continuous Disclosure Obligations and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer, together with related changes to the companion policies to those instruments.

The amendments establish an Access Model for financial disclosure documents including annual financial statements, interim financial reports, and related management’s discussion and analysis of non-investment fund reporting issuers. The Access Model is voluntary and provides an alternative to the existing delivery requirements in securities legislation, allowing issuers to satisfy their delivery obligations by providing online access to financial disclosure documents when certain criteria are met.

These securities law changes do not necessarily change separate requirements for delivery of financial disclosure documents contained in provincial and federal corporate statutes. Public issuers intending to rely on the Access Model first need to confirm whether they have any separate delivery obligations under the corporate statute governing their formation and applicable corporate articles or by-laws. In some cases, issuers may be able to seek relief from applicable regulators to avoid corporate delivery obligations if they apply.

How does the Access Model work?

New SEDAR+ notification functionality has been created that allows investors to subscribe for email notifications when financial disclosure documents are filed on SEDAR+. Under the Access Model, online access equals delivery. Access to a financial disclosure document will be considered to have been provided where an issuer:

(a) files the financial disclosure documents on SEDAR+;
(b) issues and files a news release on SEDAR+, not more than one calendar day after filing the financial disclosure document, announcing that the document is accessible electronically, the SEDAR+ notification functionality is available, an electronic or physical copy of the document can be obtained on request, and any standing instructions to receive the document in electronic or physical form will continue to be followed; and
(c) if the issuer has a website, posts the financial disclosure document or a hyperlink leading directly to the document as filed on SEDAR+ on that website not more than two calendar days after filing.

In order to rely on the Access Model, issuers must provide mandatory disclosure to investors. Issuers must disclose how to access financial disclosure documents electronically, that the SEDAR+ notification functionality is available, how to obtain financial disclosure documents, and that investors can provide standing instructions to receive financial disclosure documents electronically or physically. The disclosure must be made:

• in a news release before first relying on the Access Model or relying again after the issuer stopped using the Access Model;
• annually in (i) the proxy-related materials, (ii) the notice under the notice-and-access model, or (iii) a separate document sent with either of the foregoing; and
• on its website, if applicable.

Importantly, the Access Model does not affect an investor’s right to request financial disclosure documents electronically or physically. Where an investor has provided standing instructions to an intermediary to receive documents in a particular format, those instructions will remain in effect even if the issuer has opted to use the Access Model.

Business implications

For issuers, the Access Model offers a potential reduction in the cost and administrative burden associated with the delivery of lengthy financial disclosure documents. It would also reduce paper consumption. However, reliance on the Access Model comes with its own set of procedural obligations, including timelines for filing the required news release and posting to the issuer’s website, as well as ongoing annual disclosure obligations tied to proxy-related materials or notice-and-access notices.

Issuers considering whether to adopt the Access Model should begin reviewing their corporate law delivery requirements, delivery due dates, investor relations materials, and standing instruction processes well before use of the Access Model, to ensure they are positioned to take advantage of the new regime. The Access Model will also require coordination with an issuer’s transfer agent.

Issuers can consult a member of our team for more information or assistance relating to the Access Model or making any related changes to their disclosure practices.