The British Columbia Securities Commission has approved amendments to two national securities instruments that change how reporting issuers provide investors with access to annual and interim financial information. The amendments affect National Instrument 51-102, Continuous Disclosure Obligations, and National Instrument 54-101, Communication with Beneficial Owners of Securities of a Reporting Issuer.

The central change is a move toward electronic access to financial statements and management’s discussion and analysis (MD&A) through SEDAR+. New section 4.5.1 of NI 51-102 establishes requirements for electronic access to annual financial statements and annual MD&A. In specified circumstances, a reporting issuer must issue and file an advance news release at least 25 calendar days before the subsequent release announcing that these documents are available electronically through SEDAR+. The notice must explain that the documents will be available on SEDAR+, identify the notification service offered by SEDAR+, and tell investors how they can obtain a paper or electronic copy directly from the issuer without charge.

After the annual financial statements and related MD&A are filed on SEDAR+, the issuer must issue another news release within one calendar day confirming their electronic accessibility. The release must again identify SEDAR+ as the source of the documents and explain how investors can subscribe to filing notifications and obtain copies from the issuer.

Similar requirements apply to interim financial reports and related MD&A under new section 4.5.2. Where the requirements apply, issuers must provide advance notice at least 25 calendar days before the relevant filing announcement and subsequently issue a news release within one calendar day after filing. Investors must continue to have access to free electronic or paper copies upon request, while standing delivery instructions remain effective.

The amendments also introduce specific disclosure requirements. Under section 4.5.3, issuers using the electronic-access system must prominently explain the new method in proxy-related materials, notices, or a separate document accompanying those materials. The disclosure explains that financial statements and MD&A are filed on SEDAR+ and that investors can access them electronically rather than receiving the documents or annual request forms automatically.

Reporting issuers with websites must also post their financial statements and MD&A, or provide a direct hyperlink to the documents on SEDAR+, within two calendar days of filing. Their websites must contain the prescribed electronic-access explanation and information about SEDAR+ notifications and obtaining copies.

British Columbia (156/2026) September 22, 2026
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