Starting in April, Canadian public companies will have a shorter time to file their quarterly financial statements, under new national rules laid out today.

The Canadian Securities Administrators says the rules will go into place effective March 30.

After that date, companies that begin their fiscal on or after January 1 will have to file their financial results within 45 days of the end of the quarter, down from the current 60-day window.

Companies classified as venture issuers will still have 60 days to file.

According to the CSA, the new rule — National Instrument 51-102 Continuous Disclosure Obligations — will eliminate the problem of companies having to meet different disclosure requirements in multiple jurisdictions in which they report.

The continuous disclosure requirements in the new rule set standards for financial statements, annual information forms, management’s discussion and analysis, material change reports, business acquisition reports and statements of executive compensation.

“The introduction of this new, single harmonized rule demonstrates a cooperative effort by all CSA jurisdictions in establishing a single set of financial reporting and other disclosure requirements for companies that are reporting issuers in more than one jurisdiction,” Stephen Sibold, chairman of the CSA and the Alberta Securities Commission, said.

Regulators expect that every CSA member will implement the new rule, and with necessary government approvals, the rule will come into force on March 30, 2004.

Last month, regulators issued a notice to all reporting issuers and their professional advisers to advise them of how the changes would affect their reporting obligations.