On June 25, 2026, the Canadian Securities Administrators (CSA) published in final form amendments and changes to implement an access model for certain continuous disclosure documents of reporting issuers other than investment funds (the Access Model).
The Access Model aims to modernize the way annual financial statements, interim financial reports and related management’s discussion & analysis (collectively, CD documents) are made available to investors. The Access Model, which is not mandatory for issuers, provides alternative procedures whereby electronic access may be provided to CD documents instead of following the delivery requirements currently found in securities legislation.
Benefits
- Modernizes the way documents are made available to investors;
- Promotes a more environmentally friendly manner of communicating information to investors with SEDAR+ by reducing the need for paper;
- Recognizes information technology as an important tool for improving timely communication with investors.
How the model work
Before using the Access Model for the first time, the issuer must inform investors of this in a news release at least 25 days before first using the Access Model; this will provide advance notice to investors. The Access Model stipulates that electronic access to a CD document has been provided if:
- the issuer has filed the document on SEDAR+;
- not more than one calendar day after the filing of the document, the issuer has issued and filed a news release on SEDAR+ announcing that:
- the document is accessible electronically,
- the SEDAR+ notification functionality is available,
- an electronic or paper copy of the document can be obtained upon request,
- any standing instructions to receive the document in electronic or paper form will continue to be followed, and;
- not more than two calendar days after the filing of the document, if the issuer has a website, the issuer has posted on its website the document or a hyperlink that leads directly to the document filed on SEDAR+.
In addition, the Access Model requires the issuer to disclose how to access CD documents electronically, that the SEDAR+ notification functionality is available, how to obtain a copy of a CD document and that standing instructions can be provided. The required disclosure must be made
- in a news release before using the Access Model for the first time,
- annually in (i) the proxy-related materials (such as its notice of meeting, form of proxy or voting instruction form or information circular), (ii) the notice under the notice-and-access model, or (iii) a separate document sent with the issuer’s proxy-related materials or its notice under the notice-and-access model, and
- if applicable, on its website in the same location where the issuer posts its CD documents or a hyperlink that leads directly to the documents filed on SEDAR+.
The Access Model does not impact an investor’s ability to request CD documents in electronic or paper form. For the investors that have provided standing instructions, they will continue to receive CD documents based on those instructions.
Accessing disclosure documents through SEDAR+
About SEDAR+
SEDAR+ launched in July 2023 representing a significant change for market participants and a major milestone for the CSA National Systems, and yielding benefits that will be increasingly evident over time. A key advantage of the modernized system, and the heart of SEDAR+, is its ability to support regulatory changes that impact filers and investors.
An investor can sign up through SEDAR + to receive an email notification when CD documents are filed. Visit SEDAR+
Notification functionality
The SEDAR+ notification functionality was developed to allow investors to sign up to receive email notifications that CD documents are available, with a direct link to the document, when a chosen issuer files CD documents on SEDAR+. To learn how to subscribe, view the video guide to SEDAR+ notification.
How to search for a document on SEDAR+
Looking for a specific document? We prepared a video to help you find documents by type of filings or by issuer and how to download them. To learn how to search for documents, view the video guide on searching SEDAR+.