Canadian securities regulators are planning to launch a pilot project to allow smaller public companies to disclose financial results semi-annually, testing a potential shift away from quarterly reporting that is also drawing interest in the United States.

The multiyear experiment, led by the Canadian Securities Administrators (CSA), would let certain junior issuers voluntarily skip their first- and third-quarter financial reports, instead releasing earnings twice each year.

The plan follows years of consultations, and stock market executives have been expecting regulators to test semi-annual reporting, at least for some smaller entities. Toronto Stock Exchange chief executive officer Loui Anastasopoulos said in September that he expected a plan would be implemented within two years .

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