TMX Advocates for Optional Semi-Annual Reporting for All Issuers

As you may have seen, on May 5, 2026, the U.S. Securities and Exchange Commission (SEC) proposed a rule allowing for optional semi-annual reporting. This follows the CSA's initiation of a pilot project for certain Canadian issuers. At the time, TMX Group (TMX) was advocating the CSA to publish a request for comment to move beyond a limited pilot and instead publish a request for comment that would grant all issuers the same flexibility and optionality that the SEC is now proposing.

At this point, and in our ongoing efforts to champion a more efficient Canadian capital market environment, TMX is actively advocating for a broad-based shift that would give all issuers the option to move toward semi-annual reporting. During a recent update, TMX CEO John McKenzie highlighted that providing the flexibility to reduce reporting frequency from quarterly to semi-annual intervals allows management teams to focus less on short-term administrative friction and more on building long-term investor followership. By advocating for this as a voluntary choice for all Canadian issuers, we aim to significantly reduce the regulatory cost of being public while ensuring our markets remain globally competitive and responsive to the needs of our participants.