Canadian Securities Regulatory Terminology
Canadian securities regulation operates through a cooperative framework of provincial regulators coordinated by the Canadian Securities Administrators (CSA). The instruments and terms below are used consistently throughout the corporate knowledge base and reflect the framework applicable to reporting issuers in Canada.
Regulators
Canadian Securities Administrators (CSA) — The umbrella organisation of provincial and territorial securities regulators. The CSA coordinates national policy and issues National Instruments (NIs) and Multilateral Instruments (MIs) that apply across participating jurisdictions.
British Columbia Securities Commission (BCSC) — The provincial regulator for British Columbia. Reporting issuers with their principal regulator in British Columbia file primarily with the BCSC, which applies the CSA's National Instruments as adopted in British Columbia.
Ontario Securities Commission (OSC) — The provincial regulator for Ontario. The OSC is historically the largest Canadian securities regulator by issuer count and market capitalisation and is the principal regulator for many larger reporting issuers.
Filing system
SEDAR+ (System for Electronic Document Analysis and Retrieval Plus) — The electronic filing and disclosure system operated by the CSA. All continuous disclosure documents (annual and interim financial statements, AIF, MD&A, material change reports, prospectuses, and technical reports) are filed through SEDAR+ and are publicly accessible at no cost on the day of filing.
Issuer classifications
Reporting issuer — An entity that has distributed securities to the public under a prospectus or prospectus exemption and is subject to the continuous disclosure obligations of NI 51-102. Reporting issuer status is determined by the applicable provincial securities legislation and does not require listing on a stock exchange.
Non-exchange-issuer reporting issuer — A reporting issuer whose securities are not listed on a recognised stock exchange. The continuous disclosure obligations are generally the same as for listed issuers, but exemptions may be available for certain issuer types.
Venture issuer — A reporting issuer listed on a venture exchange (TSX Venture Exchange or Canadian Securities Exchange) or that would qualify for listing. Venture issuers have access to certain modified or reduced disclosure requirements in NI 51-102, NI 52-110, and other instruments.
Continuous disclosure documents
Annual information form (AIF) — A comprehensive description of the issuer's business, operations, risk factors, capital structure, and governance, filed annually under NI 51-102 Part 6. Analogous to the United States Form 10-K.
Management's discussion and analysis (MD&A) — Management's narrative analysis of the issuer's financial condition and results of operations. Filed annually and quarterly. Required to address liquidity, capital resources, off-balance-sheet arrangements, and material changes in financial position.
Material change report (MCR) — A Form 51-102F3 filed on SEDAR+ within 10 days of a press release disclosing a material change in the issuer's business, operations, or capital.
Technical report — A disclosure document required under NI 43-101 Standards of Disclosure for Mineral Projects when a reporting issuer makes a disclosure that triggers the technical report requirement. Not applicable to real estate issuers.
Exemptions and instruments
NI 45-106 Prospectus Exemptions — The national instrument governing exemptions from prospectus requirements. The most common exemption for private placements to sophisticated investors is the accredited investor exemption under section 2.3 of NI 45-106.
NI 52-107 Acceptable Accounting Principles and Auditing Standards — Specifies that domestic reporting issuers (other than those in certain exempt categories) must use IFRS as issued by the International Accounting Standards Board.
NI 52-110 Audit Committees — Establishes the composition, independence, and mandate requirements for audit committees of reporting issuers.
NI 51-102 Continuous Disclosure Obligations — The primary ongoing disclosure instrument; establishes the annual and interim filing requirements and the material change reporting obligation.
See also
- about-disclosure-obligations — the full framework of ongoing disclosure requirements under NI 51-102
- accredited-investor-eligibility — the NI 45-106 accredited investor exemption in detail