What's new in regulation at the ASC? Check back often for the latest updates.
NOTE: Until rules or instruments become effective as evidenced by their publication in The Alberta Gazette (see section 225 of the Securities Act (Alberta)), they are subject to non-substantive changes. Should such changes occur, a revised version of the relevant rule or instrument will be published on this website.
Industry and public consultation is an important part of the regulatory process and provides good input into new or revised legislation. When the ASC or the Canadian Securities Administrators (CSA) believes new or revised regulation is required, they will typically publish the proposed new documents for public comment.
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March 2024
CSA Position Paper 25-404 A New Self-Regulatory Organization Framework established the CSA’s intention to publish an annual activities report on the CSA’s oversight of the Self Regulatory Organization (SRO) and IPF (Investor Protection Fund), for the purpose of improving transparency with the public regarding ongoing oversight activities.
This report summarizes key oversight activities of CSA staff and their assessment of CIRO and CIPF compliance with securities legislation requirements, including the terms and conditions of recognition or approval.
The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) today published amendments to ASC Blanket Order 45-538 Self-Certified Investor Prospectus Exemption and FCAA General Order 45-538 Self-Certified Investor Prospectus Exemption.
The exemption is designed to grant greater flexibility to businesses and investors by allowing self-certified investors to be treated in a similar manner to accredited investors.
Purchasers must certify that they have certain financial and investment knowledge, and acknowledge that they understand certain investment considerations and risks.
The amendments removed the April 1, 2024 expiry date and revised phrasing in Annex 2 to align more closely with the accredited investor language on which it is based.
The amendments are effective April 1, 2024.
Variation of Blanket Order 45-538 Self-Certified Investor Prospectus Exemption
The Canadian Securities Administrators today published updated guidance for investment funds on disclosure practices as they relate to environmental, social and governance (ESG) matters.
The revised notice does not change any of the existing guidance that was previously published in January 2022. It instead addresses certain matters that were not covered in the original notice and reflects developments and issues that have arisen since.
CSA Staff Notice 81-334 (Revised) ESG-Related Investment Fund Disclosure
Certain multilateral jurisdictions of the Canadian Securities Administrators (CSA) are publishing Multilateral CSA Notice 96-305 Derivatives Data Reporting Guidance for CDOR Transition (the Notice). The Notice provides guidance to market participants that Multilateral CSA staff will not recommend enforcement action against a reporting counterparty that is late in reporting life-cycle event data in respect of the CDOR transition, provided that the data is reported within five business days of when the life-cycle event occurs. The Notice is effective on the date of publication.
Multilateral CSA Staff Notice 96-305 Derivatives Data Reporting Guidance for CDOR Transition
February 2024
On June 20, 2016, the Canadian Securities Administrators (the CSA) published a notice regarding the implementation of the market share threshold. Staff Notice 23-333 updates the list of protected and unprotected marketplaces published on February 23, 2023. The updated list will be in effect as of April 1, 2024, until a future notice is published. The only change compared to the last notice published is the addition of Alpha Exchange Inc.’s two new order books – Alpha-X and Alpha DRK. There are no other notable changes.
CSA Staff Notice 23-333 Order Protection Rule: Market Share Threshold Effective as of April 1, 2024
January 2024
The Canadian Securities Administrators (CSA) today published for comment a set of proposed regulatory requirements for publicly traded crypto asset funds.
Building on previous guidance issued by the CSA, the proposed amendments would codify certain policies and practices of existing public crypto asset funds, which were developed and adopted during the prospectus review process.
The proposed amendments outline tailored requirements for public crypto asset funds that are intended to reduce risks. These include restrictions on the types of crypto assets that a fund can purchase, use or hold, as well as requirements related to the custody of crypto assets held on behalf of a fund.
The proposed amendments represent the second phase of a three-phase project to implement a regulatory framework for crypto asset funds in Canada.
The 90-day comment period closes on April 17, 2024.
Today, staff at the Alberta Securities Commission (ASC) are publishing ASC Notice of Implementation Alberta Securities Commission Rule 46-503 Revocation of Purchase (the ASC Local Rule) which will provide market participants with the timeline in which an agreement to purchase securities offered in a subscription to which subsection 110(1) of the Securities Act (Alberta) (the Act) applies, or an agreement to purchase another prescribed security, is not binding on the purchaser. The ASC Local Rule is required due to an amendment to the Act.
ASC Notice of Implementation Alberta Securities Commission Rule 46-503 Revocation of Purchase
The Canadian Securities Administrators (CSA) published today amendments and changes to implement an access model for prospectuses for non-investment fund reporting issuers. The access model for prospectuses provides alternative procedures whereby access may be provided to a final prospectus or a preliminary prospectus, as applicable.
Effective Date of Amendments: April 16, 2024.
December 2023
Today, the Canadian Securities Administrators (CSA or we) are adopting amendments to National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101 or the Instrument) and changes to Companion Policy 24-101 Institutional Trade Matching and Settlement (the CP).
Together, the amendments to the Instrument and the changes to the CP are referred to as the Amendments. We are adopting the Amendments for two reasons.
First, the Amendments reflect the upcoming shortening of the standard settlement cycle for equity and long-term debt market trades in Canada from two days after the date of a trade (T+2) to one day after the date of a trade (T+1). The move to a T+1 settlement cycle in Canada will occur on May 27, 2024, the same day the Amendments come into force. This timing was chosen to align with the move to T+1 and associated regulatory rule changes in the United States. Because of a statutory holiday in the United States, the Canadian changeover and rule changes will occur one day earlier than those made by U.S. markets and regulators.
The second purpose of the Amendments is to permanently repeal the exception reporting requirements in Part 4 of the Instrument, including the requirement to file Form 24-101F1 Registered Firm Exception Reporting of DAP/RAP Trade Reporting and Matching (Form 24-101F1). Form 24-101F1 has been subject to a reporting requirement since 2020.
In addition to these changes, we have added a reference to cyber resilience in connection with the assessments matching service utilities must undertake for core systems. We have also corrected a few minor typographical errors.
November 2023
The Canadian Securities Administrators (CSA or we) are publishing for a 90-day comment period expiring February 28, 2024, proposed amendments to certain complaint handling provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), as well as proposed changes to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103CP). The amendments to NI 31-103 and the changes to 31-103CP set out in the CSA Notice would form part of a new regulatory framework (the proposed framework) under which an independent dispute resolution service that is a not-for-profit entity and which has been designated or recognized by CSA jurisdictions would have authority to issue binding final decisions. The CSA notice also describes potential key structural elements of the proposed framework, the CSA’s rationale for proposing these elements, and questions and matters for consideration where we encourage specific feedback to inform our continued work. We welcome general comments on all components of this publication.
This Staff Notice provides a summary of the comments received in response to Staff Notice 23-329. This Staff Notice also identifies certain areas for further study, as well as outlining the CSA and CIRO’s next steps.
October 2023
The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have been reviewing the SEC proposed market structure amendments and considering their impact in Canada. We are publishing this notice to solicit views and to seek comment on certain aspects of the SEC proposed amendments, with a focus on the potential impacts on Canadian capital markets.
Today, staff at the Alberta Securities Commission are publishing amendments (Amendments) to the Alberta Securities Commission Rules (General) (ASC Rules General) which will provide market participants with the option of signing documents either manually or by electronic signature where the document is required or permitted to be filed with the Commission or the Executive Director and where the document is required to be signed or certified. The Amendments will codify the relief provided by Blanket Order 13-503 Temporary Exemption from Requirements to Manually Sign Documents (Blanket Order) and will become effective on October 30, 2023, which is the expiration date of the Blanket Order. In addition, the Amendments will repeal the requirement under the ASC Rules General that a power of attorney form or document authorizing signing authority be filed along with a document that is required or permitted to be filed with the Commission or the Executive Director and is required to be signed, if the document is signed by an attorney or agent.
ASC Notice of Implementation of Amendments to the Alberta Securities Commission Rules (General)
The Canadian Securities Administrators today published for comment amendments to National Instrument 81-102 Investment Funds related to mutual funds that voluntarily shorten their trade settlement cycle from two trading days to one (T+1). The proposals are intended to complement the anticipated shift to T+1 in Canada by accommodating a range of settlement cycles for mutual funds, including those that make this change. The amendments clarify payment dates for transactions and the timeframe for forced redemption of securities for non-payment. In particular, for funds moving to T+1, the timeframe for forced redemption of securities for non-payment has changed from three days to two days after the pricing date. The 90-day comment period closes on January 17, 2024.
CSA Notice and Request for Comment Proposed Amendments to NI 81-102 Investment Funds
Participating Canadian Securities Administrators (CSA) jurisdictions published CSA Multilateral Staff Notice 58-316 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (Year 9 Report) (Notice). This Notice outlines key findings from our recent review of public disclosure regarding women on boards and in executive officer positions.
September 2023
The Alberta Securities Commission (ASC) is publishing ASC Notice Proposed Alberta Securities Commission Rule 46-503 Revocation of Purchase (the Proposed Local Rule) for a 30-day comment period. The Proposed Local Rule is required due to an amendment to the Securities Act which will remove the two day withdrawal right granted to purchasers of securities under a prospectus from the Act and require the ASC to establish the duration of such period in a rule.
The comment period ends on October 28, 2023.
ASC Notice Proposed Alberta Securities Commission Rule 46-503 Revocation of Purchase
Certain participating jurisdictions of the Canadian Securities Administrators (CSA) are publishing in final form MI 93-101 Derivatives: Business Conduct, which will establish a regime for regulating dealers and advisers in over-the-counter (OTC) derivatives in the specified multilateral jurisdictions of Canada. The rule was developed to help protect derivatives market participants by improving transparency, increasing accountability, and promoting responsible business conduct by dealers and advisers in the OTC derivatives market. The final rule incorporates comments received in each of the three comment periods in order to address potential negative impacts on derivatives market liquidity, while allowing firms to implement the requirements within their existing compliance systems more efficiently.
The Canadian Securities Administrators has published for comment today, proposed amendments to National Instrument 44-102 Shelf Distributions to introduce an expedited shelf prospectus regime for well-known seasoned issuers (WKSIs) in Canada. The proposed amendments would permit issuers that satisfy the qualification criteria and certain conditions to file a final base shelf prospectus and be deemed to have received a receipt for that prospectus without first filing a preliminary base shelf prospectus or undergoing any regulatory review, omit certain disclosure from the base shelf prospectus and benefit from receipt effectiveness for a period of 37 months from the date of its deemed issuance, subject to the requirement for the issuer to reassess its qualification to use the WKSI regime annually.
Today, the securities regulatory authorities of all the Canadian Securities Administrators (“CSA”) are issuing CSA Staff Notice 11-346 Withdrawal of Staff Notices which withdraws eleven CSA Staff Notices that have become outdated, are no longer relevant or are no longer required.
August 2023
Today, staff of the Canadian Securities Administrators are publishing information about the trade-matching deadline to be included in the final amendments to National Instrument 24-101 Institutional Trade Matching and Settlement to help firms with their preparations for the transition to T+1.
The Canadian Securities Administrators (CSA) and Canadian Investment Regulatory Organization (CIRO) today published a summary of the findings of the CSA and CIRO’s review of conflicts of interest practices at 172 firms across various registration categories. The notice details common deficiencies noted in the review, which include failure to identify one or more material conflicts of interest, inadequate controls to address certain material conflicts of interest and inadequate or outdated written policies and procedures relating to conflicts of interest. The notice also provides additional staff guidance to securities advisers, dealers, and representatives, including suggested practices to comply with the conflicts of interest requirements under the Client Focused Reforms, which the CSA published in October 2019.
July 2023
The Canadian Securities Administrators (CSA) today published guidance to help fund managers understand and comply with securities law requirements for public investment funds holding crypto assets. The guidance provides an overview of public crypto asset funds and describes related oversight initiatives by CSA members. The notice also covers characteristics of crypto assets that could impact their viability as investments for public crypto asset funds; expectations concerning custody of crypto assets held on behalf of a fund; issues relating to yield-generating activities, like staking, by public crypto asset funds; and know-your-client and know-your product suitability obligations with respect to public crypto asset funds.
CSA Staff Notice 81-336 Guidance on Crypto Asset Investment Funds that are Reporting Issuers
June 2023
Today, the securities regulatory authorities of the Canadian Securities Administrators in British Columbia, Alberta, Saskatchewan, Ontario, Québec, New Brunswick, Nova Scotia, Yukon and Northwest Territories are adopting amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators (MI 25-102 or the Instrument) and changes to Companion Policy 25-102 Designated Benchmarks and Benchmark Administrators (the CP).
Together, the amendments to the Instrument and the changes to the CP are referred to as the Amendments. The Amendments incorporate provisions for a securities regulatory regime for commodity benchmarks and their administrators. MI 25-102 currently provides a comprehensive framework for the designation and regulation of financial benchmarks and their administrators, and the regulation of benchmark contributors and of certain users of designated benchmarks. The Amendments published today incorporate provisions intended to enhance the accuracy, integrity and reliability of designated commodity benchmarks and their administrators.
The Canadian Securities Administrators has extended to September 29, 2023, the public comment period for proposed amendments to the corporate governance disclosure requirements and policy relating to the director nomination process, board renewal and diversity (the Proposals). We have received feedback from several stakeholders that it would be beneficial for stakeholders to have additional time to review the Proposals and prepare comments. We are therefore extending the comment period to September 29, 2023.
Comment period now ends: September 29, 2023
The Canadian Securities Administrators (CSA) published today amendments to National Instrument 14-101 Definitions and consequential amendments. The amendments will ensure a uniform definition of “Canadian financial institution” which applies to all national and multilateral instruments and will repeal definitions of that expression elsewhere in national instruments. The amendments will also introduce a revised definition of “Handbook” to reflect separate publications of the Chartered Professional Accountants of Canada that relate to accounting and assurance.
Effective Date of Amendments: September 13, 2023.
CSA Notice of Amendments to National Instrument 14-101 Definitions and Consequential Amendments
Today, the Canadian Securities Administrators (CSA) are publishing a temporary exemption on the applicability of section 4.1 of National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) for registered dealers and advisers (Registered Firms) with respect to the exception reporting requirement of NI 24-101. The CSA has implemented the relief through local blanket orders (collectively, the Blanket Orders) that are substantively harmonized across the country. The Blanket Orders are being issued in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan and Yukon.
Blanket order 13-931 Exemptions from certain filing requirements in connection with the deferred launch of the System for Electronic Data Analysis and Retrieval + is an interim measure in respect of the deferral of the launch of SEDAR+ to July 25, 2023, as announced on June 1, 2023. Among other things, the blanket order gives relief from the requirement in National Instrument 13-103 System for Electronic Data Analysis and Retrieval+ (SEDAR+), effective June 9, 2023, to file certain documents through SEDAR+. The relief is on the condition that filers file the document through SEDAR, if National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR) as in effect on June 8, 2023 required the document to be filed through SEDAR. Therefore, with respect to documents that have been filed or delivered through SEDAR, the blanket order preserves the status quo. Please consult the blanket order and its accompanying CSA notice for full information.
The Canadian Securities Administrators (CSA) today published CSA Staff Notice 45-330 Frequently Asked Questions about the Listed Issuer Financing Exemption which contains some of the frequently asked questions that we have received from market participants with respect to the listed issuer financing exemption that was adopted by all securities regulatory authorities in Canada in November 2022.
CSA Staff Notice 45-330 Frequently Asked Questions about the Listed Issuer Financing Exemption
May 2023
Certain multilateral jurisdictions of the Canadian Securities Administrators (CSA) are publishing Multilateral CSA Notice 96-304 Derivatives Data Reporting Guidance for USD LIBOR Transition (the Notice). The Notice provides guidance to market participants that Multilateral CSA staff will not recommend an enforcement action against reporting counterparties due to late reporting of life-cycle event data in respect of the USD LIBOR transition provided that the data is reported within five business days of when the life-cycle event occurs. The Notice is effective on the date of publication.
Multilateral CSA Staff Notice 96-304 Derivatives Data Reporting Guidance for USD LIBOR Transition
April 2023
In CSA Position Paper 25-404 A New Self-Regulatory Organization Framework, the CSA stated its intent to publish an annual activities report on the CSA’s oversight of Self Regulatory Organizations (SRO) and Investor Protection Funds (IPF). Attached is the second Annual Activities Report, covering the 2022 calendar year.
This report summarizes the key oversight activities of CSA staff and their assessment of SRO and IPF compliance with securities legislation requirements, including the terms and conditions of recognition or approval. As part of our continuing efforts to be transparent and foster public confidence in the regulatory framework, CSA staff intend to publish an activities report on the CSA’s oversight on an annual basis.
The Alberta Securities Commission published amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations relating to total cost reporting for investment funds. The amendments will improve the transparency of total fees and costs to holders of investment funds.
The Canadian Securities Administrators (CSA) published for comment today proposed amendments to corporate governance disclosure requirements pertaining to the director nomination process, board renewal and diversity. They would require disclosure on aspects of diversity beyond the representation of women, while retaining the current disclosure requirements with respect to women. In addition, the CSA is proposing changes to the corporate governance policy that would enhance the existing corporate governance guidelines relating to the director nomination process and introduce guidelines regarding board renewal and diversity.
Comment period ends: July 12, 2023
March 2023
The Alberta Securities Commission is publishing the repeal and replacement of Multilateral Instrument 13-102 System fees. The notice below should be read together with the CSA notice relating to the adoption of National Instrument 13-103 System for Electronic Data Analysis and Retrieval + (SEDAR+), which is also being published today.
MI 13-102 will replace principal and non-principal regulator fees with flat fees per filing type paid only to a filer’s principal regulator. This change will substantially simplify the system fee regime. Further, system fees for certain filing types are being removed, while some new fees for filing types will be introduced. System fees will rise in some cases (or be newly created) and fall in other cases, based primarily on filing behaviour and volume of use. Total system fees collected by the CSA are projected to decline.
The repeal and replacement is effective June 9, 2023.
CSA Notice of Repeal and Replacement of Multilateral Instrument 13-102 System Fees for SEDAR and NRD
The Alberta Securities Commission is publishing amendments and changes relating to the National Systems Renewal Program. The National Systems Renewal Program is an initiative of the CSA that replaces existing CSA national systems with a centralized system, the System for Electronic Data Analysis and Retrieval + (SEDAR+). The first phase of SEDAR+ will replace the System for Electronic Document Analysis and Retrieval (SEDAR), the National Cease Trade Order Database, the Disciplined List, and certain filings in the British Columbia Securities Commission’s eServices system and the Ontario Securities Commission’s electronic filing portal. The amendments and changes implement the first phase of SEDAR+.
The amendments and changes are effective June 9, 2023.
February 2023
On June 20, 2016, the Canadian Securities Administrators published a notice regarding the implementation of the market share threshold. This notice updates the list of protected and unprotected marketplaces published on February 25, 2021. The updated list will be in effect as of April 1, 2023, until a future notice is published. We note that the only change relative to the last notice published is the addition of Canadian Securities Exchange (CSE) second book, CSE2. There are no other notable changes.
CSA Staff Notice 23-330 Order Protection Rule: Market Share Threshold Effective as of April 1, 2023
Staff of the securities regulatory authorities in each jurisdiction of Canadian Securities Administrators are publishing this notice to help ensure that market participants are aware of certain developments and transition issues regarding the upcoming cessation of the Canadian Dollar Offered Rate and the expected related cessation of Bankers’ Acceptances.
The Alberta Securities Commission, along with other members of the Canadian Securities Administrators, has published CSA Staff Notice 21-332 Crypto Asset Trading Platforms: Pre-Registration Undertakings – Changes to Enhance Canadian Investor Protection. The notice explains recent enhancements made to the pre-registration undertaking that the CSA expects from crypto asset trading platforms that are operating in Canada prior to obtaining registration.