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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December 2024
Today, staff of the Canadian Securities Administrators (CSA) are publishing revisions to Staff Notice 11-312 (Revised) National Numbering System (Notice). The CSA follows a system in which securities regulatory instruments are assigned numbers that indicate the type and subject matter of the instrument.
The Canadian Securities Administrators (CSA) today published CSA Staff Notice and Consultation 11-348 Applicability of Canadian Securities Laws and the use of Artificial Intelligence Systems in Capital Markets. The notice is intended to provide clarity and guidance on how securities legislation applies to the use of artificial intelligence (AI) systems by market participants. The notice also seeks stakeholder feedback through consultation questions on the evolving role of AI systems and the opportunities to tailor or modify current approaches to oversight and regulation in light of these advancements.
The comment period ends on March 31, 2025.
The Canadian Securities Administrators (CSA) has today published CSA Coordinated Blanket Order 51-931 Temporary Exemption from Requirements in National Instrument 51-102 Continuous Disclosure Requirements and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to send certain proxy-related materials during a postal strike (CSA 51-931). CSA 51-931 provides temporary relief from the requirement to deliver proxy-related materials for shareholder meetings where each matter is an “annual matter”. The relief does not extend to matters requiring a special resolution under corporate law and the shareholder meeting must not, to the issuer’s knowledge, include a contested matter or a matter that a shareholder would reasonably consider to be contentious.
November 2024
The Alberta Securities Commission, together with all the other members of the Canadian Securities Administrators (CSA), today published for comment proposed amendments to the principal distributor model in the distribution of mutual funds. The proposed amendments clarify that a principal distributor may act in that capacity only for mutual funds in the same mutual fund family, and require disclosure of principal distributor arrangements and compensation to investors purchasing mutual fund securities distributed by principal distributors.
The proposal also features specific consultation questions related to the principal distributor model and requests feedback on the use of chargebacks in the distribution of mutual funds. The CSA is of the view that the use of chargebacks raises a significant conflict of interest for principal distributors in the distribution of mutual fund securities and are considering the appropriate regulatory steps.
The 90-day comment period closes on February 27, 2025.
The Alberta Securities Commission has adopted amendments to National Instrument 41-101 General Prospectus Requirements, National Instrument 81-101 Mutual Fund Prospectus Disclosure, and related Consequential Amendments and Changes pertaining to changes to the prospectus filing model for investment funds. Among other things, the amendments permit most mutual funds to file their prospectuses every other year instead of annually. The amendments ensure that investors still get the information they need to make informed decisions, while making the process more efficient. The amendments take effect on March 3, 2025.
The Alberta Securities Commission (the “ASC”) together with all the other members of the Canadian Securities Administrators (the “CSA”), except for the British Columbia Securities Commission (the “BCSC”), are publishing for a 90-day comment period proposed amendments to MI 13-102 System Fees. The proposed amendments to MI 13-102 System Fees (the “Proposed Amendments”) introduce an updated system fee regime with annual increases in system fees over a 5-year period commencing late 2025. The notice and request for comment for the Proposed Amendments describes the nature of, and the CSA’s rationale for, the Proposed Amendments, and includes a copy of the Proposed Amendments. The BCSC did not publish the Proposed Amendments for comment at this time due to the recent British Columbia election and the need for the BCSC to obtain ministerial approval prior to publishing the Proposed Amendments for comment.
CSA Notice and Request for Comment Proposed Amendments to Multilateral Instrument 13-102 System Fees
The Canadian Securities Administrators (CSA) today republished CSA Notice of Republication for Comment - Proposed Amendments and Proposed Changes to Implement an Access Model for Certain Continuous Disclosure Documents of Non-investment Fund Reporting Issuers for a 90-day comment period.
The proposed amendments and changes are intended to implement an access model for continuous disclosure documents for non-investment fund reporting issuers (the New Proposed Access Model for CD Documents). The New Proposed Access Model for CD Documents provides alternative procedures whereby access may be provided to annual financial statements, interim financial reports and related management discussion and analysis. The New Proposed Access Model for CD Documents incorporates substantive changes to the initial proposal for implementing an access model for continuous disclosure (the Initial Proposal) that was published in April, 2022. The substantive changes were made in response to comments received and in order to enhance the Initial Proposal from an investor perspective.
The comment period ends on February 17, 2025.
The Canadian Securities Administrators (CSA) are publishing CSA Staff Notice 51-365 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2024 and March 31, 2023 (Notice). This Notice outlines observations resulting from the CSA continuous disclosure review program.
October 2024
The ASC is publishing this Notice of Blanket Order 96-932 on a coordinated basis with the Canadian Securities Administrtors, in order to provide end-users with temporary exemptions from Multilateral Instrument 96-101 Trade Repositories and Derivatives Trade Reporting (MI 96-101) to enable them to benefit from certain intended reductions in regulatory burden under the Amendments to MI 96-101 without having to wait until those amendments come into force on July 25, 2025.
The Alberta Securities Commission published today CSA Multilateral Staff Notice 58-317 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions. The report outlines key findings from a recent review of public disclosure required by Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) regarding women on boards and in executive officer positions. The review was completed primarily for the purposes of identifying key trends. This is the tenth consecutive annual review of this disclosure that the CSA has conducted.
The Alberta Securities Commission published today amendments to the Alberta Securities Rules (General) (ASC Rules General). The amendments establish tariff rates in lieu of the current hourly rates applied to the calculation of costs orders by the Commission or the Executive Director following a hearing, under paragraph 20(a) of the ASC Rules General. The tariff rate will reduce inefficiencies in costs awards based on outdated hourly rates while still allowing for accountability for those who contravene Alberta securities laws and transparency for the market.
ASC Notice of Implementation of Amendments to the Alberta Securities Commission Rules (General)
The Alberta Securities Commission has recognized CNSX Markets Inc. (CNSX) as an exchange under s.62 of the Securities Act (Alberta) for the limited purpose of section 4.8 of National Instrument 62-104 Take-Over Bids and Issuer Bids. As a result of the recognition, issuers listed on the CNSX may utilize the exemption in this section to conduct a normal course issuer bid in Alberta through the facilities of the CNSX.
September 2024
On October 19, 2023, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) published CSA/CIRO Staff Notice 23-331 Request for Feedback on December 2022 SEC Market Structure Proposals and Potential Impact on Canadian Capital Markets (Staff Notice 23-331). The notice was in response to the four proposals published by the U.S. Securities and Exchange Commission (SEC) on December 14, 2022 seeking to change certain fundamental elements of U.S. market structure (SEC Proposed Amendments). Staff Notice 23-331 proactively sought comment on certain aspects of the SEC Proposed Amendments with a focus on the potential impacts on Canadian capital markets, and potential policy responses. This publication is a summary of comments received to CSA/CIRO Staff Notice 23-331.
The Alberta Securities Commission published for comment today proposed amendments to National Instrument 81-101 Mutual Funds Prospectus Disclosure, National Instrument 81-102 Investment Funds, National Instrument 81-106 Investment Fund Continuous Disclosure, National Instrument 81-107 Independent Review Committee for Investment Funds and related proposed consequential amendments and changes (collectively, the Proposed Amendments). The Proposed Amendments modernize the continuous disclosure regime for investment funds, improve the quality of disclosure provided to investors, and reduce unnecessary regulatory burden of certain current investment fund continuous disclosure requirements under securities legislation.
Comment period ends: January 17, 2025.
The Alberta Securities Commission (ASC) together with all the other members of the Canadian Securities Administrators except for the British Columbia Securities Commission (BCSC) are publishing for a 90-day 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. Specifically, the Proposed Amendments reflect the cessation of certain inter-bank offered rates (IBORs) and the Canadian dollar offered rate (CDOR) interest rate benchmarks. The Proposed Amendments also contemplate adding credit default swaps (CDS) referencing certain indexes as mandatory clearable derivatives. The BCSC did not publish the Proposed Amendments for comment at this time. BCSC staff anticipates doing so following the British Columbia election.
Staff of the Canadian Securities Administrators have compiled a list of frequently asked questions (FAQs) about National Instrument 93-101 Derivatives: Business Conduct, which comes into force on September 28, 2024.
August 2024
The Alberta Securities Commission (ASC) is publishing amendments (the Amendments) to Multilateral Instrument 93-101 Derivatives: Business Conduct (the Business Conduct Rule) and changes (the Changes) to the related Companion Policy to change the instrument from a Multilateral Instrument to a National Instrument. The purpose of the Amendments and Changes is to replace “Multilateral” with “National” in all applicable references in the Business Conduct Rule and in the related Companion Policy as a result of the Business Conduct Rule coming into force as a National Instrument.
ASC Notice of Amendments to Multilateral Instrument 93-101 Derivatives: Business Conduct
The Alberta Securities Commission published for comment today proposed amendments to the Alberta Securities Rules General (ASC Rules General). The proposed amendments will establish tariff rates in lieu of the current hourly rates applied to the calculation of costs orders by the Commission or the Executive Director following a hearing, under paragraph 20(a) of the ASC Rules General. The tariff rate will reduce inefficiencies in costs awards based on outdated hourly rates while still allowing for accountability for those who contravene Alberta securities laws and transparency for the market.
Comment period ends: September 15, 2024.
ASC Notice and Request for Comment Proposed Amendments to the Alberta Securities Commission Rules
The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) today published an amendment to ASC Blanket Order 45-539 Small Business Financing and FCAA General Order 45-539 Small Business Financing.
The exemption is designed to facilitate greater access to capital in Alberta and Saskatchewan by allowing businesses to raise up to $5 million from the public using a simple, streamlined offering document. The exemption has tiered offering and investment limits depending on whether financial statements are provided to investors.
The amendment removed the September 1, 2024 expiry date.
The amendment is effective as of September 1, 2024.
The Canadian Securities Administrators (CSA) today published CSA Notice and Request for Comment 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 for a 90-day comment period.
The proposed amendments and proposed changes are intended to address certain housekeeping matters and other amendments in response to the creation by the Canadian Securities Exchange of a senior tier and name changes affecting certain stock exchanges. They also codify blanket relief granted to issuers incorporated under the Canada Business Corporations Act (Canada) to accommodate “majority voting” provisions incorporated into that act in 2022.
The comment period ends on October 30, 2024.
July 2024
The ASC, together with the securities regulatory authorities of British Columbia, Saskatchewan, New Brunswick, Nova Scotia and other applicable jurisdictions (the multilateral jurisdictions) of the Canadian Securities Administrators (CSA) are publishing the Multilateral Notice of Publication of Amendments (the Trade Reporting Amendments) to Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting (the Trade Reporting Rule). The Trade Reporting Amendments will streamline and improve the quality of data reporting under the Trade Reporting Rule. The CSA are of the view that these amendments will minimize the regulatory burden for market participants that report transactions globally, as the data elements they will have to report under the Trade Reporting Rule will be aligned with recently-revised international data elements. Similarly, these amendments will minimize the regulatory burden for recognized trade repositories, as the data elements that they collect, and the updated governance, risk and operational requirements that apply to them, will more closely correspond with international standards. The Trade Reporting Amendments come into effect on July 25, 2025.
The CSA is publishing this Notice of Blanket Order 93-930, which will provide temporary exemptions for derivatives firms from certain obligations when transacting with certain investment funds, and for senior derivatives managers from certain reporting obligations in 2024.
June 2024
Certain multilateral CSA jurisdictions are publishing this notice to increase awareness of the CDOR cessation on June 28, 2024 and of the need for market participants to make alternate arrangements if their loans, securities or derivatives are affected by the transition.
ASC Notice 33-706 (Revised) Policy and Procedures Manual – Reference Resource for Exempt Market Dealers (ASCN 33-706) has been compiled and is updated intermittently for the purpose of collecting information useful to exempt market dealer operations in one easy-to-find location. An effective and updated policy and procedures manual is critical to a firm’s compliance success. ASCN 33-706 ensures that firms have access to a current resource that they can use when updating their PPM and to assist new registrants in drafting their PPM.
ASC Notice 33-706 Policy and Procedures Manual – Reference Resource for Exempt Market Dealers
May 2024
The Canadian Securities Administrators (CSA) today published for comment 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.
The proposals are intended to address technical issues encountered by accounting firms that were engaged to prepare assurance reports in 2022 for Refinitiv Benchmark Services (UK) Limited, as the designated benchmark administrator of the Canadian Dollar Offered Rate (CDOR), and the six Canadian banks that are benchmark contributors to CDOR.
In addition, the proposals include assurance report requirements that would apply to any designated benchmark that is not a designated commodity benchmark, a designated critical benchmark or a designated interest rate benchmark (e.g., if a securities regulatory authority were to designate a crypto asset benchmark that is not a commodity benchmark or a term rate benchmark that is not an interest rate benchmark).
Stakeholders are invited to provide comments in writing on or before August 28, 2024.
The Canadian Securities Administrators (CSA) today published final amendments to National Instrument 81-102 Investment Funds and changes to Companion Policy 81-102 Investment Funds that will help mutual funds that voluntarily shorten their trade settlement cycles from two trading days to one (T+1), following the transition by North American securities markets to T+1 settlement this month.
The amendments accommodate a range of settlement cycles for mutual funds, including those switching to T+1. This includes amendments that clarify payment dates for transactions and the timeframe for forced redemption of securities for non-payment. For funds moving to T+1, the timeframe for forced redemption of securities for non-payment changes from three days to two days after the pricing date.
The amendments come into force on August 31, 2024.
April 2024
Canadian Securities Administrators (“CSA”) Staff Notice 21-334 summarizes the comments received to CSA Consultation Paper 21-403 Access to Real-Time Market Data, and provides details on the CSA’s next steps to address the access to and use of RTMD.
CSA Staff Notice 21-334 Next Steps to Facilitate Access to Real-Time Market Data
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.
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.
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