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Canada’s SAR pilot program and a possible rule change from the SEC

Fireworks erupt behind American and Canadian flags.
Photo: Luke Hales/Getty Images

Glen R. Johnson | Torys LLP, Michael Pedlow | Torys LLP, Mile T. Kurta | Torys LLP, Chris Bornhorst | Torys LLP+2

6 min read
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Voluntarily adoption of semi-annual financial reporting (SAR) as part of a multi-year pilot is inline with SEC Chair Atkins supporting a shift from quarterly reporting.

On October 23, 2025, the Canadian Securities Administrators (CSA) released a Notice of Publication and Request for Comment on a proposed Coordinated Blanket Order (the Blanket Order) that would enable certain venture issuers to voluntarily adopt semi-annual financial reporting (SAR) as part of a multi-year pilot project.

The CSA will use learnings

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