Requests for Comment

This notice publishes for a 90-day comment period proposed amendments that would prohibit the use of chargebacks in the distribution of investments funds offered by prospectus. Chargebacks occur when clients redeem their securities before a fixed schedule and a dealing representative is required to pay back all or part of the upfront commission or payment received to the dealer firm. The comment period ends September 24, 2025.

This notice publishes for a 120-day comment period proposed amendments and policy changes to make improvements to the Canada’s mining disclosure regime. The Modernized Disclosure Requirements will enhance investor protection while reinforcing Canada’s leadership in efficient capital formation for mining issuers. The comment period ends October 10, 2025.

This paper outlines CSA’s perspective on potential gaps in the current regulatory framework for ETFs and proposes enhancements to address them. The recommendations draw on IOSCO ETF Good Practices and examine how various jurisdictions have implemented these principles, with the aim of identifying practices that may be suitably adopted to the Canadian market. The comment period will end on October 17, 2025.

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 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 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.

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.

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.

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..

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.

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.

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.

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.

This notice describes proposed amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators and its companion policy. The proposed amendments would address certain technical issues relating to assurance reports required under the instrument. In addition, the proposed amendments would extend the provisions relating to assurance reports so that administrators of all designated benchmarks would be subject to the provisions relating to the reports. The comment period for this proposal expires on August 28, 2024.

This notice publishes for a 60 day comment period proposed amendments and proposed changes to make improvements to the continuous disclosure regime governing investment funds that will benefit investors, investment fund managers, and other stakeholders. The BCSC comment period ends January 18, 2025. This consultation is being made concurrently with a publication for comment on the same proposed amendments and changes by the other CSA jurisdictions. The CSA comment period ends January 17, 2025.

This notice publishes for a 90-day second comment period proposed rule amendments and policy changes aimed at implementing an access model that corporate issuers could use to provide access to annual financial statements, interim financial reports and related MD&A (CD documents) instead of delivering them. The comment period ends February 17, 2025.

This notice publishes for a 63 day comment period proposed amendments to introduce an updated system fee regime with annual increases in system fees over a 5-year period commencing late 2025. The comment period ends February 19, 2025.

This notice provides guidance on the applicability of Canadian securities laws to AI use by industry participants, both generally and in specific areas of securities law. This notice also asks industry participants to comment on new developments in AI use, as well as any potential regulatory gaps in the current securities regime as it pertains to AI. As set out in the notice, comments should be delivered to CSA Staff on or before March 31, 2025.

This notice was originally published for a 90-day comment period, proposed amendments to clarify the use of the principal distributor model for mutual funds, to require disclosure of principal distributor arrangements and compensation, and to ensure the DSC option is not available for mutual fund securities sold by a principal distributor. The comment period original end date was February 27, 2025, however the comment period was extended to now end on April 28, 2025.

The British Columbia Securities Commission (BCSC or we) is publishing for comment proposed amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (National Instrument 94-101). The proposed amendments to National Instrument 94-101 (the Proposed Amendments) aim to update the list of mandatory clearable derivatives to reflect the transition to a new interest rate benchmarks regime based on overnight risk-free interest rate benchmarks. We are publishing this Notice and the Proposed Amendments for comment for 60 days. The comment period will expire on May 14, 2025.

CSA Multilateral Discussion Paper 11-406 – CSA Financial Innovation Hub Introduces Collaboratory and Data Portability Test. This discussion paper introduces a CSA fintech testing environment and consults stakeholders to better understand the use and efficacy of data portability and e-KYC solutions in the market.

Staff of the Canadian Securities Administrators are publishing proposed amendments to National Instrument 23-101 Trading Rules and Companion Policy 23-101 Trading Rules (collectively, the proposed amendments). The proposed amendments will have the effect of lowering the trading fee cap applicable to trades in securities that are listed on both a recognized exchange in Canada and a registered national securities exchange in the United States (U.S. Inter-listed Securities). Specifically, the proposed amendments would require that a marketplace not charge a fee that is greater than $0.001 per security traded for executing an order in a U.S. Inter-listed Security that has an execution price greater than or equal to $1.00. Currently, a marketplace must not charge a fee that is greater than $0.003 per security traded for executing an order in a U.S. Inter-listed Security that has an execution price greater than or equal to $1.00. The comment period ends March 24, 2025.