Requests for Comment

Today, the Canadian Securities Administrators (CSA) are publishing two staff notices, CSA Staff Notice 25-306 Activist Short Selling Update and Joint CSA and IIROC Staff Notice 23-329 Short Selling in Canada. CSA Staff Notice 25-306 Activist Short Selling Update provides a summary of comments and responses to CSA Staff Consultation Paper 25-403 Activist Short Selling, that was published on December 3, 2020 to facilitate discussion about concerns relating to activist short selling and its potential impact on capital markets. Joint CSA and IIROC Staff Notice 23-329 Short Selling in Canada seeks input from stakeholders on the current regulatory framework surrounding short selling in Canada, providing an overview of the existing short selling regulatory landscape and requests public feedback on areas for regulatory consideration. Comments should be submitted in writing by February 6, 2023.

The purpose of this consultation paper is to share the outcomes of the CSA’s fact-finding review of how real-time market data is accessed for Canadian capital markets and seek feedback on short and long term solutions to improve access and address concerns expressed by industry. The comment period will end on February 10, 2023.

We are publishing for comment proposed amendments to National Instrument 24-101 Institutional Trade Matching and Settlement, forms and companion policy in anticipation of the shortening of the standard settlement cycle from T+2 to T+1 and to repeal the exception reporting requirement for registered firms found in Part 4 of NI 24-101, together with other changes to clarify or modernize NI 24-101. The comment period expires on March 17, 2023.

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

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

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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.

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

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

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.

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

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.

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.

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.

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.

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.

The Canadian Securities Administrators (CSA) today published CSA Consultation Paper 25-403 Activist Short Selling (Consultation Paper). The Consultation Paper summarizes concerns raised by stakeholders about activist short selling, outlines the Canadian and international regulatory frameworks and sets out CSA Staff’s findings regarding the nature and extent of activist short selling in Canada. The CSA requests stakeholder feedback on the Consultation Paper. The Consultation Paper includes a list of consultation questions. Comments are requested in writing by March 3, 2021.

CSA Notice and Request for Comment - Proposed Amendments to National Instrument 33-109 Registration Information, 31-103 Registration Requirements, Exemptions And Ongoing Registrant Obligations, and related companion policies. The notice describes proposed amendments to National Instrument 33-109 Registration Information, National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, and related companion policies. The proposed amendments provide greater clarity on the registration information to be submitted and eliminate certain information provision requirements, while allowing the Canadian Securities Administrators to receive the information necessary to carry out their regulatory roles. The comment period expires on May 5, 2021.

This notice publishes for comment proposed amendments to NI 14-101 to create a uniform definition of “Canadian financial institution” that applies to all national and multilateral instruments, and to introduce a revised definition of “Handbook” to reflect the separate publication of the Chartered Professional Accountants of Canada that relate to accounting and assurance. The comment period ends July 21, 2021.

The Commission is publishing for a 60-day comment period proposed new disclosure requirements for promotional activity. The comment period ends July 26, 2021.

This notice publishes for comment proposed amendments to NI 51-102 to change the annual and interim filing requirements of reporting issuers other than investment funds. We expect the proposed amendments will reduce regulatory burden by fostering streamlined reporting and increasing reporting efficiency for reporting issuers. The comment period ends September 17, 2021.

changes to harmonize the interpretation of the financial statement requirements for a long form prospectus in situations where an issuer has acquired a business, or proposes to acquire a business, that a reasonable investor would regard as being the primary business of an issuer. The comment period ends October 11, 2021.

The purpose of this Notice is to notify the public that CSA plans to establish an Investor Advisory Panel (the CSA IAP) to represent the interests of retail investors in pan-Canadian policy development activity. The CSA is seeking comments on the proposed CSA IAP and proposed terms of reference that will govern its functioning. The comment period ends February 1, 2022. Member selection process is expected to be completed in the spring of 2022.

This notice publishes for a 90-day comment period proposed National Instrument 51-107 Disclosure of Climate-related Matters and its companion policy. The proposed instrument would introduce climate-related disclosure requirements for reporting issuers (other than investment funds). Due to the ongoing impacts of the Omicron variant on stakeholders, the CSA is extending the comment period for its proposed climate-related disclosure requirements for 30 days. Comments will be accepted until February 16, 2022.

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 March 21, 2022.

This notice publishes for a 90-day comment period proposed amendments to National Instrument 41-101 and National Instrument 81-101 to modernize the prospectus filing model for investment funds without affecting the currency or accuracy of the information available to investors to make an informed investment decision, and to repeal the 90-day rule for filing a final prospectus for all investment funds. The comment period ends April 27, 2022.

CSA Staff Notice and Request for Comment 25-305 is seeking comments on several documents related to the amalgamation of the two current compensation / contingency funds, the Canadian Investor Protection Fund (CIPF) and the MFDA Investor Protection Corporation (MFDA IPC), into a single compensation / contingency fund, which will be independent from the new self-regulatory organization. Written comments are due by June 27, 2022.

CSA Staff Notice and Request for Comment 25-304 is seeking comments on several documents necessary for the launch of a new single self-regulatory organization (SRO). The new SRO will consolidate the functions of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). Written comments are due by June 27, 2022.

This notice publishes for a 90-day comment period proposed rule amendments and policy changes aimed at modernizing the way prospectuses, annual financial statements, interim financial reports and related management's discussion & analysis (MD&A) for non-investment fund reporting issuers are made available to investors. The comment period ends July 6, 2022.

Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and changes to Companion Policy 31-103CP Registrant Requirements, Exemptions and Ongoing Registrant Obligations are part of a harmonized response to concerns relating to current cost disclosure and product performance reporting requirements for investment funds and segregated funds. The proposals seek to enhance investor protection by improving investors’ and policy holders’ awareness of ongoing embedded fees that form part of the cost of owning investment funds and segregated funds. This is a joint regulatory initiative between the CSA and the Canadian Council of Insurance Regulators (the CCIR). The CCIR expects each of its member jurisdictions will adopt a similar framework by local guidance or, in certain jurisdictions, regulation. The transition period is currently expected to be in the range of 18 months from the final publication date of the amendments for the securities sector and the framework for the insurance sector.

The purpose of this consultation paper is to obtain feedback from stakeholders about the efficacy of several key provisions of NI 43-101 Standards of Disclosure for Mineral Projects, priority areas for revision, and whether regulatory changes would address concerns expressed by certain stakeholders. The comment period will end on July 13, 2022.

This notice describes proposed amendments to Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting and related documents. These amendments will improve the quality of derivatives data reported and update requirements applicable to derivatives trade repositories to be consistent with international standards. The comment period for this proposal expires on October 7, 2022.

This notice publishes for a 90-day comment period proposed amendments to modernize the current delivery requirements for investment fund reporting issuers. The comment period ends December 26, 2022.