Requests for Comment

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.

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

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

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

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 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 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

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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 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

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.

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

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

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.

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.

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.

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.

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.

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.