NI 51-102 amendments introduce access-based delivery for financial statements and MD&A

On September 22, 2026, amendments to National Instrument 51-102 Continuous Disclosure Obligations adopted by the Canadian Securities Administrators (the CSA) came into force, introducing an access-based delivery model for financial statements and related management’s discussion & analysis (MD&A).

The amendments permit reporting issuers to satisfy certain delivery requirements by making these documents accessible through SEDAR+ and complying with prescribed notice requirements, potentially reducing the costs and administrative burden associated with delivering such documents to securityholders.

The CSA’s shift toward electronic delivery

The CSA has steadily modernized disclosure delivery requirements over the past decade. Since 2013, securityholders have been able to access management information circulars electronically through notice-and-access procedures. More recently, the CSA expanded access-based delivery mechanisms under securities legislation. Following the introduction of an access model for prospectuses in 2024, the September 2026 amendments extend a similar approach to financial statements and related MD&A.

Access-based delivery of financial statements and MD&A

The amendments extend access-based delivery to annual financial statements, interim financial reports and related MD&A (collectively, the “Documents”). Under the access model, reporting issuers may satisfy delivery requirements for the Documents by filing them on SEDAR+ and complying with certain notice requirements.

In practice, issuers relying on the access model must complete three steps:

1. Before relying on the model for the first time, a reporting issuer must file a news release at least 25 calendar days before filing the Documents notifying investors that future financial statements and MD&A will be made available through SEDAR+ and including the Required Disclosure (as discussed below).
2. The reporting issuer must file a news release on SEDAR+ indicating in its title that the Documents are available on SEDAR+. The news release must contain the Required Disclosure and must be filed no later than one calendar day following the filing of any of the Documents.
3. If the reporting issuer has a website, it must, no later than two calendar days after filing the Documents, post on its website the Documents or a direct hyperlink to the Documents on SEDAR+, together with the prescribed “Important Notice: Accessing Financial Documents” disclosure required under the access model.

“Required Disclosure” includes prescribed information regarding:

• electronic access to the issuer’s financial statements and MD&A through SEDAR+;
• the availability of SEDAR+ email notifications for future filings;
• the right of securityholders to obtain paper or electronic copies of the documents from the issuer at no cost; and
• the continued operation of any standing instructions previously provided by securityholders regarding the delivery of such documents.

In addition to the steps described above, reporting issuers that elect to use the access model must provide securityholders with an annual reminder regarding their use of the access model. The annual reminder must contain the Required Disclosure and may generally be included in proxy-related materials, notice-and-access materials or certain other communications sent to securityholders.

Next steps for reporting issuers

The amendments to NI 51-102 represent another significant step in the CSA’s broader initiative to modernize securities regulation and facilitate electronic delivery of disclosure documents. The addition of financial statements and related MD&A to the access model should be a welcome development for reporting issuers, reducing the administrative burden and costs associated with delivering such documents to securityholders.

Reporting issuers should review their existing disclosure practices and shareholder communication procedures to determine whether adopting the access model may simplify compliance and reduce administrative costs.

The MLT Aikins Corporate Finance & Securities group regularly advises reporting issuers of all sizes on continuous disclosure obligations, periodic filings, corporate governance matters and capital markets transactions. We have extensive experience assisting issuers in navigating evolving securities regulatory requirements, including electronic delivery regimes such as the access model. If you have any questions regarding the updates to the access model or its implementation, please contact Mahdi Shams or Steven Meng.

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