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
81-102 Proposed Amendments to National Instrument 81-102 Investment Funds pertaining to crypto assets [CSA Notice and Request for Comment]

This notice publishes for a 90-day comment period proposed amendments to reporting issuer investment funds that seek to invest directly or indirectly in crypto assets. The comment period ends April 17, 2024.

2024-04-17

Under Review

Document Comment Period Expires
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
BCN2021/03 Notice and Request for Comment Proposed British Columbia Instrument 51-519 Promotional Activity Disclosure Requirements [BCN]

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

2021-07-26
51-107 Climate-related Disclosure Update and CSA Notice and Request for Comment Proposed National Instrument 51-107 Disclosure of Climate-related Matters [CSA Notice and Request for Comment]

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.

2022-02-16
93-101 Proposed National Instrument 93-101 Derivatives: Business Conduct Proposed Companion Policy 93-101CP Derivatives: Business Conduct [CSA Staff Notice & Third 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 March 21, 2022.

2022-03-21
41-101 Proposed Amendments to National Instrument 41-101 General Prospectus Requirements, National Instrument 81-101 Mutual Fund Prospectus Disclosure, and Related Proposed Consequential Amendments and Changes and Consultation Paper on a Base Shelf Prospectus Filing Model for Investment Funds in Continuous Distribution Modernization of the Prospectus Filing Model for Investment Funds [CSA Notice and Request for Comment]

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.

2022-04-27
43-401 Consultation on National Instrument 43-101 Standards of Disclosure for Mineral Projects [CSA Consultation Paper]

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.

2022-09-13
96-101 Proposed Amendments to Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting and Proposed Changes to Companion Policy 96-101 Trade Repositories and Derivatives Data Reporting [CSA Multilateral Notice and Request for comment]

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.

2022-10-07
81-106 Proposed Amendments and Proposed Changes to Implement an Access-Based Model for Investment Fund Reporting Issuers [CSA Notice and Request for Comment]

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.

2022-12-26
21-403 Access to Real-Time Market Data [CSA Consultation Paper]

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.

2023-02-10
58-101 Proposed Amendments to Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices and Proposed Changes to National Policy 58-201 Corporate Governance Guidelines [CSA Notice and Request for Comment]

This notice publishes for a 90-day comment period two approaches to proposed amendments to the corporate governance disclosure requirements in Form 58-101F1 and changes to the corporate governance guidelines in NP 58-201 pertaining to board nominations, board renewal and diversity. As announced in CSA Staff Notice 58-315 (published June 28, 2023), the comment period has been extended to September 29, 2023..

2023-09-29
23-331 Request for Feedback on December 2022 SEC Market Structure Proposals and Potential Impact on Canadian Capital Markets [CSA/CIRO Staff Notice]

Staff of the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have jointly issued a notice in order to consult on certain proposals published by the United States Securities and Exchange Commission (SEC) on December 14, 2022 that could significantly change certain fundamental elements of the regulatory regime in the U.S with respect to market structures. The notice provides the CSA’s preliminary views on the applicability of the SEC’s proposals to the regulatory regime in Canada and also confirms that any changes that may be required to the regulatory framework in Canada will follow the normal rule-making process, which will include publication for comment.

2023-12-04
44-102 Proposed Amendments to National Instrument 44-102 Shelf Distributions Relating to Well-known Seasoned Issuers [CSA Notice and Request for Comment]

This notice publishes for a 90-day comment period proposed amendments to introduce an expedited shelf prospectus regime for well-known seasoned issuers in Canada. The comment period ends December 20, 2023.

2023-12-20
81-102 Proposed Amendments to National Instrument 81-102 Investment Funds [CSA Notice and Request for Comment]

This notice publishes for a 90-day comment period proposed amendments to introduce drafting changes to clarify that payments must be made no later than the reference settlement date of the purchase order, and to provide flexibility for mutual funds that voluntary shorten their settlement cycles from T+2.

2024-01-17
- Registered Firm Requirements Pertaining to an Independent Dispute Resolution Service [CSA Notice and Request for Comment]

This notice publishes for a 90-day consultation period a proposed framework for an independent dispute resolution service whose decisions would be binding. The comment period ends February 28, 2024.

2024-02-28