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 | |
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BCN2024/03 |
Proposed Amendments for Modernization of the Continuous Disclosure Regime for Investment Funds [BCN]
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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. |
2025-01-18 |
51-102 |
Proposed Amendments and Proposed Changes to Implement an Access Model for Certain Continuous Disclosure Documents of Non-Investment Fund Reporting Issuers [CSA Notice of Republication and Request for Comment]
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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. |
2025-02-17 |
81-105 |
Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, National Instrument 81-101 Mutual Fund Prospectus Disclosure, National Instrument 81-102 Investment Funds and National Instrument 81-105 Mutual Fund Sales Practices and Proposed Changes to Companion Policy 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, Companion Policy 81-102 Investment Funds and Companion Policy 81-105 Mutual Fund Sales Practices - The Principal Distributor Model [CSA Notice and Request for Comment]
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This notice publishes 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 ends February 27, 2025. |
2025-02-27 |
Under Review
Document | Comment Period Expires | |
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93-102 |
Derivatives: Registration [CSA Notice and Request for Comment]
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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]
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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]
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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 |
43-401 |
Consultation on National Instrument 43-101 Standards of Disclosure for Mineral Projects [CSA Consultation Paper]
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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]
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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]
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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]
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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]
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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]
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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]
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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 |
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Registered Firm Requirements Pertaining to an Independent Dispute Resolution Service [CSA Notice and Request for Comment]
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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 |
81-102 |
Proposed Amendments to National Instrument 81-102 Investment Funds pertaining to crypto assets [CSA Notice and Request for Comment]
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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 |
25-102 |
Proposed Amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators and Proposed Changes to Companion Policy 25-102 Designated Benchmarks and Benchmark Administrators [CSA Notice and Request for Comment]
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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. |
2024-08-28 |
51-102 |
Proposed Amendments and Changes to Certain National Instruments and Policies related to the Senior Tier of the Canadian Securities Exchange, the Cboe Canada Inc. and AQSE Growth Market name changes, and Majority Voting Form of Proxy Requirements [CSA Notice and Request for Comment]
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The CSA is publishing a notice and requesting comments within a 90 day period on the Proposed Amendments and Proposed Changes that revise the definition of “venture issuer” and address a number of matters, including the creation of a Senior Tier by the Canadian Securities Change. The comment period ends on October 30, 2024. |
2024-10-30 |