Requests for Comment
Proposed Policies, Rules and Forms
The following summaries refer to all documents published for comment since July 1, 1998 that have not yet been finalized. You should not rely on these summaries, but refer to the actual policy documents. These documents may include proposed rules (some of which are adopted on a uniform basis across Canada and are known as national instruments or multilateral instruments), proposed policies, proposed forms or concept proposals.
Before finalizing a policy or rule, we generally publish the proposed document so that the securities industry and other interested people can provide comment on it. This helps us to ensure that the proposed document meets its regulatory objectives and does not have unintended consequences.
Out for Comment
CSA Consultation paper 91-407 - Derivatives: Registration
Date published April 18, 2013
Comment period expires June 17, 2013
The CSA is publishing this paper to obtain public comment on its recommendations about the registration of key derivatives market participants.
81-102 - CSA Notice and Request for Comment – Proposed Amendments to National Instrument 81-102 Mutual Funds, Companion Policy 81-102CP Mutual Funds and Related Consequential Amendments - and Other Matters concerning National Instrument 81-104 Commodity Pools and Securities Lending, Repurchases and Reverse Repurchases by Investment Funds
Date published: March 27, 2013
Comment period expires June 25, 2013
62-105 - CSA Notice and Request for Comment - Proposed National Instrument 62-105 Security Holder Rights Plans, Proposed Companion Policy 62-105CP Security Holder Rights Plans and Proposed Consequential Amendments
Date published: March 14, 2013
Comment period expires: June 12, 2013
62-104 - CSA Notice and Request for Comment – Proposed Amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues and Proposed Changes to National Policy 62-203 Take-Over Bids and Issuer Bids
Date published: March 13, 2013
Comment period expires: June 12, 2013
TOPCSA Notice and Request for Comment - Proposed Amendments Facilitating CSA Information Technology Arrangements, including Proposed NI 13-102 System Fees for SEDAR and NRD
Date published: January 24, 2013
Comment period expires: April 24, 2013
The Proposed Material reflects the amendments necessary in connection with the scheduled expiry of existing agreements with CDS Inc. to operate the CSA National Systems. NI 13-102 will consolidate and replace the existing filing service charge schedules under the SEDAR Filer Manual and NRD User Guide. As well, we have taken advantage of cost saving opportunities under the new arrangements to reduce fees.
BCN 2013/03 - Notice and Request for Comment - National Instrument 45-106 Prospectus and Registration Exemptions Proposed Prospectus Exemption to Assist Capital Raising by Small Businesses
Date published: February 12, 2013
Comment period expires: April 12, 2013
The BCSC is publishing for comment a proposed new prospectus exemption to assist small businesses in capital raising.
BCN 2013/01 - Notice and Request for Comment - Proposed Revocation of BC Instrument 32-513 Registration Exemption for Trades in Connection with Certain Prospectus-Exempt Distributions and BC Instrument 32-517 Exemption from Dealer Registration Requirement for Trades in Securities of Mortgage Investment Entities
Date published: January 3, 2013
Comment period expired: February 28, 2013
CSA Notice - Notice and Request for Comment on Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations
Date published: November 15, 2012
Comment period expired: February 15, 2013
In the attached notice, the Canadian Securities Administrators are publishing for comment proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, and its companion policy, relating to dispute resolution services.
CSA Consultation Paper 33-403 - The Standard of Conduct for Advisers and Dealers: Exploring the Appropriateness of Introducing a Statutory Best Interest Duty when Advice is Provided to Retail Clients
Comment period expired: February 22, 2013
This Consultation Paper explores the potential benefits and competing considerations of introducing a statutory fiduciary, or ‘best interest’, standard on advisers and dealers when they provide advice to retail clients. The CSA is seeking feedback on the issues raised in the Consultation Paper, including whether to introduce such a statutory best interest standard.
CSA Consultation Paper 21-401 - Real Time Market Data Fees
Date published: November 8, 2012
Comment period expired: February 8, 2013
The CSA is publishing this paper to discuss issues related to the cost of real-time market data and seek stakeholder input on options proposed to address these issues.
23-103 - CSA Notice and Request for Comment Proposed Amendments to National Instrument 23-103 Electronic Trading
Date published: October 25, 2012
Comment period expired: January 23, 2013
This notice announces the publication for comment of amendments to National Instrument 23-103 Electronic Trading and consequential amendments to Multilateral Instrument 11-102 Passport System. The proposed amendments would impose requirements for direct electronic access.
51-103 - CSA Notice of Republication and Request for Comment Regarding Proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers, Proposed Amendments to National Instrument 41-101 General Prospectus Requirements, National Instrument 44-101 Short Form Prospectus Distributions and National Instrument 45-106 Prospectus and Registration Exemptions and Proposed Related Consequential Amendments
Date published: September 13, 2012
Comment period expired: December 12, 2012
The notice republishes for comment proposed National Instrument 51-103 Ongoing Governance and Disclosure Requirements for Venture Issuers, related forms, and other proposed amendments. The proposed rule and amendments are intended to tailor and streamline the disclosure and governance requirements that apply to venture issuers to focus on matters of significance to venture issuer investors.
BCN2012/20 - Notice and Request for Comment – Proposed Changes to Conditions of Registration – Investment Dealers with A BC Office that Trade in the U.S. Over – the – Counter Markets and Imposition of an Order of the Executive Director
Date published: August 31, 2012
Comment period expired: October 30, 2012
Proposed amendments to the conditions of registration include changes to reporting requirements and to guidance about risk indicators.
CSA Notice - Proposed Consequential Amendments to Registration, Prospectus and Continuous Disclosure Rules related to National Instrument 25-101 Designated Rating Organizations
Date published: July 26, 2012
Comment period expired: October 24, 2012
This notice publishes for comment proposed consequential amendments to registration, prospectus, and continuous disclosure rules, related to National Instrument 25-101 Designated Rating Organizations.
CSA Consultation Paper 91-406 - Derivatives: OTC Central Counterparty Clearing
Date published: June 20, 2012
Comment period expired: September 21, 2012
The CSA is publishing this paper to obtain public comment on its recommendations about central counterparty clearing of derivatives transactions.
CSA Consultation Paper 25-401 - Potential Regulation of Proxy Advisory Firms
Date published: June 21, 2012
Comment period expired: September 21, 2012
Requests comment on various issues relating to the role of proxy advisory firms in the securities markets and potential regulatory approaches. Comment period extended with publication of CSA Staff Notice 11-319.
BCN 2012/13 - Notice and Second Request for Comment - Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and its Companion Policy
Date published: June 14, 2012
Comment period expired: September 14, 2012
On June 14, 2012, the Canadian Securities Administrators published for comment proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and its companion policy. The proposed amendments are part of the CSA's Client Relationship Model project. They relate to cost disclosure, performance reporting and client statements. The comment period ends on September 14, 2012.
BCN 2012/12 - Notice and Second Request for Comment - Proposed Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, Form 81-101F3 and Companion Policy 81-101CP and Consequential Amendments
Date published: June 21, 2012
Comment period expired: September 6, 2012
This notice publishes for second comment changes to proposed amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, Form 81-101F3 Contents of Fund Facts Document and companion policy 81-101CP, and consequential amendments. The proposed amendments would allow delivery of a fund facts document instead of a simplified prospectus. The comment period ends on September 6, 2012.
CSA Consultation Paper 91-405 - Derivatives: End-User Exemption
Date published: April 13, 2012
Comment period expired: June 14, 2012
The CSA is publishing this paper to obtain public comment on its recommendations about exemptions from specific regulatory requirements. The comment period expires June 15, 2012.
CSA Consultation Paper 91-404 - Derivatives: Segregation and Portability in OTC Derivatives Clearing
The CSA is publishing the paper to obtain public comment on its recommendations relating to the segregation and portability of collateral provided in clearing an OTC derivatives transaction. The comment period expires April 10, 2012.
BCN 2011/29 - Notice and Request for Comment - CSA Staff Consultation Note 45-401 - Review of Minimum Amount and Accredited Investor Exemptions
Date published: November 10, 2011
Comment period expired: February 29, 2012
CSA staff are reviewing the minimum amount prospectus exemption and the accredited investor prospectus exemption contained in National Instrument 45-106 Prospectus and Registration Exemptions.
As part of the review, staff will consult with stakeholders, including investors, issuers, dealers and legal and other advisors. The published consultation note provides more information on the scope of the review, including some background on the history of these exemptions and specific consultation questions for consideration.
BCN 2011/33 - Prospectus Marketing Amendments – Request for Comment
Date published: November 25, 2011
Comment period expired: February 23, 2012
This notice publishes for a comment period ending February 23, 2012, proposed amendments to the prospectus marketing regime in National Instrument 41-101 General Prospectus Requirements and its companion policy; National Policy 41-201 Income Trusts and Other Indirect Offerings; National Instrument 44-101 Short Form Prospectus Distributions and its companion policy; National Instrument 44-102 Shelf Distributions and its companion policy; and National Policy 47-201 Trading Securities Using the Internet and Other Electronic Means.
BCN 2011/19 - Notice and Request for Comment – Proposed Amendments to National Instrument 41-101 General Prospectus Requirements, and its companion policy, National Instrument 44-101 Short Form Prospectus Distributions, and its companion policy, National Instrument 44-102 Shelf Distributions, and its companion policy, National Instrument 81-101 Mutual Fund Prospectus Disclosure, and related consequential amendments
Date published: July 15, 2011
Comment period expired: October 14, 2011
This notice publishes for comment proposed amendments to National Instrument 41-101 General Prospectus Requirements, National Instrument 44-101 Short Form Prospectus Distributions, National Instrument 44-102 Shelf Distributions, National Instrument 81-101 Mutual Fund Prospectus Disclosure, related companion policies, and other proposed consequential amendments. The comment period ends on October 14, 2011.
BCN 2011/14 - Notice and Request for Comment - Proposed Amendments to National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer and Companion Policy 54-101CP Communication with Beneficial Owners of Securities of a Reporting Issuer, and Proposed Amendments to National Instrument 51-102 Continuous Disclosure Obligations and Companion Policy 51-102CP Continuous Disclosure Obligations
Date published: June 17, 2011
Comment period expired: August 16, 2011
This notice republishes for comment proposed amendments to National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer, National Instrument 51-102 Continuous Disclosure Obligations, and related forms and companion policies.
In April 2010, we published proposed amendments introducing notice-and-access procedures for issuers to send proxy-related materials. The revised versions of the proposed amendments incorporate several changes to the original proposal in response to the comments we received from the first publication. The comment period for this second publication ends on August 16, 2011.
CSA Staff Notice 11-315 - Extension of Consultation Period - Proposed National Instrument 41-103, Proposed National Instrument 51-106, and Proposed Amendments to National Instrument 52-109, Proposed Amendments to National Instrument 45-106 and National Instrument 45-102
Date published: June 15, 2011
Comment period expired: August 31, 2011
The CSA Staff Notice announces the extension of consultation period for proposed rules and rule amendments relating to securitized products. The new comment period ends on August 31, 2011.
BCN 2011/04 - Notice and Request for Comments - Proposed National Instrument 41-103 Supplementary Prospectus Disclosure Requirements for Securitized Products, Proposed National Instrument 51-106 Continuous Disclosure Requirements for Securitized Products, Proposed Amendments to National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, National Instrument 45-106 Prospectus and Registration Exemptions, National Instrument 45-102 Resale of Securities, and Proposed Consequential Amendments
Date published: April 1, 2011
Comment period expired: August 31, 2011
This notice publishes for comment proposed National Instrument 41-103 Supplementary Prospectus Disclosure Requirements for Securitized Products, proposed National Instrument 51-106 Continuous Disclosure Requirements for Securitized Products, proposed amendments to National Instrument 45-106 Prospectus and Registration Exemptions, related forms, and other proposed amendments. The comment period ends on July 1, 2011.
CSA Staff Notice 81-322 - Status Report on the Implementation of the Modernization of Investment Fund Product Regulation Project and Request for Comment on Phase 2 Proposals
Date published: May 26, 2011
Comment period expired: July 25, 2011
This CSA Staff Notice provides an update on the implementation of the Modernization Project and requests comments on developing operational rules for non-redeemable investment funds as part of Phase 2 of the project. The comment period ends on July 25, 2011.
23-405 Dark Liquidity in the Canadian Market - CSA/IIROC Position Paper
Date published: November 19, 2010
Comment period expired: January 10, 2011
The CSA is publishing the paper to outline a number of CSA positions relating to dark liquidity in the Canadian market to solicit public comment. The comment period expires January 10, 2011.
CSA Consultation Paper 51-403 - Tailoring Venture Issuer Regulation
Date published: May 31, 2010
Comment period expired: September 17, 2010
The CSA is publishing a consultation paper to assess market interest in pursuing a more tailored approach to regulating the venture market. We invite you to make written comments on or before September 17, 2010. In addition, if you are interested in participating in a consultation session, please click here.
BCN 2009/26 - Notice and Publication for Comment - Proposed Amendments to National Instrument 81-106 Investment Fund Continuous Disclosure, Form 81-106F1 and Companion Policy 81-106CP and Related Amendments
Date published: October 16, 2009
Comment period expired: January 14, 2010
This notice requests comments on proposed amendments to National Instrument 81-106 Investment Fund Continuous Disclosure, its related form and companion policy, and proposed consequential amendments relating to investment funds.
The purpose of the proposed amendments is to accommodate the upcoming changeover to International Financial Reporting Standards. The comment period ends on January 14, 2010.
CSA Staff Notice 21-306 - Notice of Filing of Forms 21-101F5 Initial Operation Report For Information Processor
Date Published: April 20, 2007
Comment period expired: June 4, 2007
This CSA staff notice requests comments from market participants on the attached summary of applications for the information processor role and to solicit feedback on a number of specific issues. The comment period expires on June 4, 2007