TORONTO, Nov. 13, 2026 /CNW/ -- The Securities and Investment Management Association (SIMA) today submitted its response to the Canadian Securities Administrators' (CSA) consultation paper 51-406, urging reforms to make Canada's capital-raising framework more efficient and competitive without weakening the disclosure, due diligence and investor protections that underpin public markets.

"Canada's public markets need regulation that is efficient, predictable and responsive to today's capital-raising realities, but modernization must not come at the expense of investor confidence," said Andy Mitchell, President and CEO of SIMA. "The right approach is targeted reform."

Key recommendations

• Modernize issuer reporting requirements: Reconsider the exchange-based approach to issuer classification and reporting obligations so requirements better reflect an issuer's size, complexity, and circumstances.
• Improve access to capital while preserving investor protection: Focus on making existing capital-raising frameworks, including the LIFE framework, more efficient, while maintaining appropriate investor protections and the prospectus framework.
• Reduce duplicative disclosure requirements: Streamline material change reporting by allowing issuers to meet their reporting obligations through a designated SEDAR+ news release, avoiding duplicative filings.
• Provide greater flexibility in continuous disclosure: Allow issuers to choose semi-annual reporting, where it is appropriate to their circumstances and investor base.

A central theme of the submission is that efficiency reforms should remove identifiable impediments rather than create broad alternative pathways that could gradually displace the prospectus regime. SIMA also supports greater alignment with major markets, particularly the United States, where differences create practical disadvantages for Canadian issuers and investors without a corresponding investor-protection benefit.

About SIMA
The Securities and Investment Management Association empowers Canada's investment industry. It is the leading voice for the securities and investment management industry, which oversees approximately $4.5 trillion in assets for over 20 million investors and Canadian capital markets participants. SIMA members—including investment fund managers, investment and mutual fund dealers, capital markets participants, and professional service providers—are committed to creating a resilient, innovative investment sector that fuels long-term economic growth and creates opportunities for all Canadians.

SOURCE Securities and Investment Management Association