Back to Insights
Current CSA pilot scope: Venture issuers with annual revenues under $10 million
TMX proposal: Extend semi-annual reporting to all listed companies
Parallel regulatory easing discussions underway in the United States A broader shift to semi-annual reporting could meaningfully reduce the ongoing compliance costs for Korean companies listed in Canada. Given that quarterly reporting obligations currently represent a significant operational burden for foreign issuers, this regulatory development should be actively incorporated into listing advisory engagements with Korean clients.
Capital Markets January 13, 2026 · 3 min read
Canada's Top Exchange Pushes to End Quarterly Reporting for All Firms
Canada's Top Exchange Pushes to End Quarterly Reporting for All Firms
Key Takeaway
TMX Group CEO John McKenzie is in active discussions with regulators to extend semi-annual reporting beyond the CSA's current venture issuer pilot to all publicly listed companies. This is an expansion of the CSA semi-annual reporting pilot (covered in v1) and points to a potential further reduction in reporting obligations for Korean companies seeking or maintaining a Canadian listing.
# Canada's Top Exchange Pushes to End Quarterly Reporting for All Firms
Executive Summary
TMX Group CEO John McKenzie is in active discussions with regulators to extend semi-annual reporting beyond the CSA's current pilot — which targets venture issuers only — to all publicly listed companies. This represents a significant expansion of the CSA semi-annual reporting pilot (covered in v1) and signals a potential further reduction in compliance burden for Korean companies pursuing or maintaining a Canadian listing.Details
According to [BNN Bloomberg](https://www.bnnbloomberg.ca/business/2026/03/12/canadas-top-exchange-pushes-to-end-quarterly-reporting-for-all-firms/), TMX Group CEO John McKenzie, speaking at the FIA (Futures Industry Association) Annual Conference, argued that the CSA's recently proposed semi-annual reporting rule — currently scoped to smaller issuers with revenues under $10 million — should be extended to large-cap listed companies as well. This positions Canada alongside similar deregulatory momentum underway in the United States. Per [Benefits and Pensions Monitor](https://www.benefitsandpensionsmonitor.com/news/industry-news/tmx-push-for-semi-annual-earnings-aims-to-reset-long-term-market-focus/393229), TMX views this shift as a means of resetting the market's focus toward long-term value creation.Key Data
Rise Partners Implications
Implications
- A broader rollout of semi-annual reporting could significantly lower the ongoing compliance costs for Korean companies listed in Canada. As quarterly reporting requirements currently impose a considerable burden on foreign issuers, this regulatory trend should be actively factored into listing advisory work with Korean clients.