Securities Law

Requests for Comment

Proposed Policies, Rules & Forms

The following summaries refer to all documents published for comment 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.

Out For Comment

Document Comment Period Expires
25-402 Consultation on the Self-Regulatory Organization Framework [CSA Consultation Paper]

This paper seeks comment on the benefits, challenges and issues of the current self-regulatory organization (SRO) regulatory framework. It is the next step in the CSA’s work of reviewing the regulatory framework for SROs in Canada. The paper seeks input from all industry representatives and stakeholders, investor advocates, and the public. The CSA is asking for general feedback on how the structure and evolution of the financial services industry has impacted the current regulatory framework, as well as specific comments on the issues and targeted outcomes set out in the paper.

2020-10-23
45-106 CSA Notice and Request for Comment: Proposed Amendments to National Instrument 45-106 Prospectus Exemptions and Proposed Changes to Companion Policy 45-106CP Prospectus Exemptions Relating to the Offering Memorandum Prospectus Exemption [CSA Notice]

This notice publishes for comment proposed amendments that set out new disclosure requirements for issuers utilizing the OM Exemption giving them greater certainty as to what they must disclose. The comment period expires on December 16, 2020.

2020-12-16
94-101 CSA Notice and Second Request for Comment: Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives and Proposed Changes to Companion Policy 94-101 Mandatory Central Counterparty Clearing of Derivatives [CSA Notice]

CSA Notice and Request for Comment - Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives This notice describes proposed amendments to National Instrument 94-101 - Mandatory Central Counterparty Clearing of Derivatives and related documents. The comment period for this proposal expires on December 2, 2020.

2020-12-02

Under Review

Document Comment Period Expires
11-340 Extension of Comment Period [CSA Staff Notice]

The CSA is extending the comment period for the Trading Fee Rebate Pilot Study to March 1, 2019.

2019-03-01
13-102 Proposed Repeal and Replacement of Multilateral Instrument 13 102 System Fees for SEDAR and NRD [CSA Notice and Request for Comment]

The Canadian Securities Administrators (CSA) are publishing for  comment proposed amendments to Multilateral Instrument 13-102 System Fees for SEDAR and NRD that would repeal and replace the current rule.  This notice should be read together with the CSA notice relating to proposed National Instrument 13-103 System Replacement Rule, which is also being published today. The comment period expires July 31, 2019.

2019-07-31
13-103 Proposed National Systems Renewal Program Rule and Related Amendments [CSA Notice and Request for Comment]

The Canadian Securities Administrators (CSA) are publishing for  comment proposed amendments to Multilateral Instrument 13-102 System Fees for SEDAR and NRD that would repeal and replace the current rule. This notice should be read together with the CSA notice relating to proposed National Instrument 13-103 System Replacement Rule, which is also being published today. The comment period expires July 31, 2019.

2019-07-31
21-101 Proposed Amendments to National Instrument 21-101 Marketplace Operation and Proposed Changes to Companion Policy 21-101CP Marketplace Operation [CSA Notice and Request for Comment]

The Proposed Amendments will streamline reporting requirements, clarify testing and reporting expectations, and establish a focus on cyber resilience for marketplaces and information processors. Comment period expires July 17, 2019

2019-07-17
21-323 Proposal for Mandatory Post-Trade Transparency of Trades in Government Debt Securities, Expanded Transparency of Trades in Corporate Debt Securities and Proposed Amendments to National Instrument 21-101 Marketplace Operation and Related Companion Policy [CSA Staff Notice and Request for Comment]

Proposal for mandatory Post-Trade Transparency of Trades in Government Debt Securities, Expanded Transparency of Trades in Corporate Debt Securities and Proposed Amendments to National Instrument 21-101 Marketplace Operation and Related Companion Policy

2018-08-29
21-402 Proposed Framework for Crypto-Asset Trading Platforms [Joint Canadian Securities Administrators/Investment Industry Regulatory Organization of Canada Consultation Paper]

The Consultation Paper seeks feedback regarding proposed revisions to the regulatory framework for crypto-asset trading platforms operating in Canada whose operations engage securities law.  The comment period ends May 15, 2019.

2019-05-15
23-323 Trading Fee Rebate Pilot Study [CSA Staff Notice and Request for Comment]

The CSA is proposing to study the effects of the prohibition of rebate payments by Canadian marketplaces. The comment period ends on February 1, 2019.

2019-02-01
23-406 Internalization within the Canadian Equity Market [Joint CSA - IIROC Consultation Paper]

The Consultation Paper seeks feedback regarding the internalization of retail/small orders within the Canadian equity market. The comment period ends May 13, 2019.

2019-05-13
31-103 Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Changes to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations to Enhance Protection of Older and Vulnerable Clients [CSA Notice and Request for Comment]

The notice describes proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and its companion policy to address issues of financial exploitation and diminished mental capacity among vulnerable clients. The proposed amendments include taking steps to obtain the name and contact information for a trusted contact person on a client account, and provisions governing temporary holds placed in circumstances involving a vulnerable client. The comment period for this proposal expires on July 20, 2020.

2020-07-20
31-103 Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations Custody-Related Amendments

This is a request for comment on proposed amendments to certain custody-related provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, as a consequence of recent custody-related amendments to National Instrument 81-102 Investment Funds. The proposed amendments expand the set of market participants that can custody cash or securities deposited as margin for transactions that involve certain options, futures and derivatives outside of Canada. The comment period for this proposal expires on December 24, 2018

2018-12-24
31-103 CSA Notice and Request for Comment 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 Reforms to Enhance the Client-Registrant Relationship (Client Focused Reforms) [CSA Notice]

In the attached notice the Canadian Securities Administrators (the CSA) are publishing for comment proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), and the related companion policy and forms. Specifically, this notice describes proposed amendments to the registrant conduct provisions in NI 31-103 in order to better align the interests of registrants with the interests of their clients, to improve outcomes for clients, and to make clearer to clients the nature and the terms of their relationship with registrants. Comment period expires October 19, 2018.

2018-10-19
45-106 Prospectus Exemptions [NI and F Amendment Proposed]

We are publishing for a second comment period of 60 days revised proposed amendments to National Instrument 45-106 Prospectus Exemptions, its companion policy and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registration Obligations and its companion policy due to comments received on the first publication for comment. The comment period for this proposal expires on May 14, 2019.

2019-05-14
45-110 Proposed National Instrument 45-110 Start-up Crowdfunding Registration and Prospectus Exemptions [CSA Notice and Request for Comment]

This notice publishes for comment proposed amendments to improve the effectiveness of crowdfunding as a capital raising tool for start-ups and early stage issuers, while maintaining appropriate investor protection.   The comment period expires on July 13, 2020.  Effective February 27, 2020, the Commission has varied BC Instrument 45-535 Start-up Crowdfunding Registration and Prospectus Exemptions to extend the expiry date.

2020-07-13
51-102 Proposed Amendments to National Instrument 51-102 Continuous Disclosure Obligations and Changes to Certain Policies Related to the Business Acquisition Report Requirements [CSA Notice and Request for Comment]

The Canadian Securities Administrators are publishing for a 90-day comment period proposed amendments and changes aimed at reducing the regulatory burden imposed by the BAR requirements by altering the determination of significance for non-venture reporting issuers. The comment period ends on December 4, 2019.

2019-12-04
51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers [CSA Consultation Paper]

The CSA publishes this consultation paper to seek comments on potential options for reducing regulatory burden for non-investment fund reporting issuers in the public markets. The consultation period expires July 28, 2017.

2017-07-28
51-405 Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers [CSA Consultation Paper]

CSA staff are seeking comment on whether an “access equals delivery” model should be introduced, the types of documents to which this model should apply and its mechanics. The comment period ends on March 9, 2020.

2020-03-09
52-108 Proposed Amendments to National Instrument 52-108 Auditor Oversight and Proposed Changes to Companion Policy 52-108 Auditor Oversight [CSA Notice and Request for Comment]

The Proposed Amendments requires reporting issuers and participating audit firms to assist the Canadian Public Accountability Board in accessing audit working papers of component auditors, particularly in foreign jurisdictions. The comment period expires January 2, 2020.

2020-01-02
52-112 Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure Proposed Companion Policy 52-112 Non-GAAP and Other Financial Measures Disclosure Related Proposed Consequential Amendments and Changes [CSA Second Notice and Request for Comment]

The Canadian Securities Administrators (CSA) are publishing for comment proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure, and the related companion policy. The Proposed Instrument sets out disclosure requirements for non-GAAP financial measures, non-GAAP ratios, and other financial measures. These measures often lack standardized meanings, potentially resulting in reduced comparability, misleading or confusing disclosure. The comment period closes May 13, 2020.

2020-05-13
52-112 CSA Notice and Request for Comment Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure Proposed Companion Policy 52-112 Non-GAAP and Other Financial Measures Disclosure Related Proposed Consequential Amendments and Changes [CSA Notice]

The Canadian Securities Administrators (the CSA) are publishing for comment proposed amendments to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112), and the related companion policies and multilateral instrument.  The proposed instrument establishes disclosure requirements for issuers that disclose non-GAAP and other financial measures. These measures often lack standardized meanings, resulting in potentially misleading or confusing disclosure.  Comment period expires December 5, 2018.

2018-12-05
52-403 Auditor Oversight Issues in Foreign Jurisdictions [CSA Consultation Paper]

CSA Consultation Paper 52-403 Auditor Oversight Issues in Foreign Jurisdictions The CSA publishes this consultation paper to seek comments on whether to consider in National Instrument 52-108 Auditor Oversight to introduce certain oversight requirements for audits done by foreign firms. The consultation period expires June 24, 2017.

2017-06-24
54-304 Final Report on Review of the Proxy Voting Infrastructure and Request for Comments on Proposed Meeting Vote Reconciliation Protocols [CSA Multilateral Staff Notice]

This notice summarizes the CSA’s review of the proxy voting infrastructure, seeks comment on proposed meeting vote reconciliation protocols and outlines the CSA’s next steps. The comment period ends on July 15, 2016.

2016-07-15
62-105 Security Holder Rights Plans [NI Proposed]

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

2013-07-12
81-105 CSA Notice and Request for Comment Proposed Amendments to National Instrument 81-105 Mutual Fund Sales Practices and Related Consequential Amendments

The CSA is seeking comment on proposed amendments to National Instrument 81-105 Mutual Fund Sales Practices to implement the CSA's policy response to investor protection and market efficiency issues arising from the prevailing practice of investment fund managers by restricting the compensation that members of the organization of publicly-offered mutual funds.  The comment period expires on December 13, 2018.

2018-12-13
81-324 Proposed CSA Mutual Fund Risk Classification Methodology for Use in Fund Facts [CSA Notice]

Notice and Request for Comment: Proposed CSA Mutual Fund Risk Classification Methodology for Use in Fund Facts The Canadian Securities Administrators are publishing for a 90-day comment period a CSA risk classification methodology for use by mutual fund managers in the Fund Facts document

2014-03-12
91-407 Derivatives: Registration [CSA Consultation Paper]

The CSA is publishing this paper to obtain public comment on its recommendations about the registration of key derivatives market participants.

2013-06-17
93-101 Proposed National Instrument 93-101 Derivatives: Business Conduct Proposed Companion Policy 93-101CP Derivatives: Business Conduct [CSA Notice and Second Request for Comment]

This notice describes Proposed National Instrument NI 93-101 Derivatives: Business Conduct and related documents. The proposed instrument describes specific business conduct requirements for derivatives dealers and derivatives advisers. The comment period for the proposal expires on September 17, 2018.

2018-09-17
93-102 Derivatives: Registration [CSA Notice and Request for Comment]

This notice describes Proposed National Instrument 93-102 Derivatives: Registration and related documents. The proposed instrument describes specific requirements for persons that have registration obligations because of trading in or advising on certain derivatives. The comment period for this proposal expires on September 17, 2018.

2018-09-17
93-301 Derivatives Business Conduct Rule – No Overlap with Derivatives Registration Rule Comment Period [CSA Staff Notice]

The purpose of this Notice is to notify the public that the comment periods for National Instrument 93-101 - Derivatives Business Conduct and National Instrument 93-102 - Derivatives: Registration will not overlap. The comment period for National Instrument 93-101 - Derivatives: Business Conduct will end on September 1, 2017, however additional comments about that Instrument will be accepted after that date if they arise as a consequence of the review of National Instrument 93-102 - Derivatives: Registration.

2017-09-01
BCN2018/03 Notice and Request for Comment Consultation on Disclosure Requirements in National Instrument 58-101 Disclosure of Corporate Governance Practices relating to Women on Boards and in Executive Officer Positions [BCN]

The BCSC is seeking comment on disclosure requirements relating to the representation of women on boards and in executive officer positions. The consultation period expires on April 10, 2018.

2018-04-10
BCN2019/05 Notice and Request for Comment Consultation on the British Columbia Securities Commission BCP 15-601 Policy outlining procedures for hearings under the Securities Act [BCN]

The British Columbia Securities Commission is consulting on proposed amendments to its existing procedures for hearings under the Securities Act. The proposed amendments to BCP 15-601 address both content and incorporate substantive changes to the policy. Comment period expires February 13, 2020.

2020-02-13