“Access Equals Delivery” Model for Continuous Disclosure Comes Into Force

On September 22, 2026, the “access equals delivery” model (the “Access Model”) for continuous disclosure documents came into force. As a result, a reporting issuer (other than investment funds) that complies with the Access Model will be exempt from the annual requirement to send request forms to securityholders to request paper copies of their annual and interim financial statements and related management's discussion & analysis (collectively, the “CD Documents”). Note, however, that the Access Model does not impact a securityholder’s ability to request CD Documents in electronic or paper form and if a securityholder has provided standing instructions to receive the CD Documents in electronic or paper form, an issuer is required to continue to comply with those instructions.

For more information on the regulatory consultation process and background leading up to the Access Model, see our previous post.

Overview of the Access Model for CD Documents

Under the Access Model, non-investment fund reporting issuers may satisfy the requirement to deliver CD Documents under Canadian securities laws by:

• Initial News Release: At least 25 calendar days before relying on the Access Model, issuing and filing a news release (the “Initial News Release”) that includes the following prescribed information:  
  • a title stating that the CD Documents will be accessible electronically on SEDAR+;
  • specified statements regarding obtaining access to the CD Documents on SEDAR+, receiving SEDAR+ notifications and requesting electronic or paper copies of the CD Documents; and
  • a confirmation that all standing instructions to have the CD Documents sent to a securityholder in electronic or paper form will continue to be followed.
• SEDAR+ Filing: Filing the CD Documents on SEDAR+.

• Second News Release: Not more than one calendar day after the CD Documents are filed on SEDAR+, issuing and filing a news release announcing that the applicable CD Documents are available electronically and including substantially the same information required to be included in the Initial News Release.

• Website: If the reporting issuer has a website, posting on its website:
  • Not more than two calendar days after the CD Documents are filed on SEDAR+, the CD Documents or a hyperlink to the document filed on SEDAR+; and
  • a statement which includes substantially the same information required to be included in the Initial News Release.
• Annual Disclosure: Providing prescribed access-related disclosure to securityholders on an annual basis through one of the following methods:
  • in proxy-related materials;
  • in a notice sent under the notice-and-access regime; or
  • as a separate document sent with the reporting issuer’s proxy-related materials or its notice under the notice-and-access regime.

The Access Model only satisfies a reporting issuer’s delivery obligations under Canadian securities laws. As such, before a reporting issuer relies on the Access Model it should confirm whether it is subject to any other delivery requirements, such as under its constating documents or applicable corporate law or securities laws of foreign jurisdictions.

Please reach out to any member of our Corporate Finance and Securities Group if you would like to discuss the Access Model or continuous disclosure obligations more generally.