Submitted by nsscadmin on
Our latest regulatory review looks at all regulatory releases and notices issued by the Nova Scotia Securities Commission and the Canadian Securities Administrators (CSA) since November. In case you missed any of the releases or notices issued over that time, here’s a quick rundown on what they meant for issuers and investors and links to the documents, where you can find the full details.
November 7 - Canadian securities regulators publish report on continuous disclosure reviews
The CSA published its biennial report on its Continuous Disclosure Review Program (CD Review Program). This report provides an overview of the CSA’s CD Review Program results and highlights key findings and outcomes over the past two fiscal years.
The CSA is seeking feedback on proposed amendments and changes to implement an access model for certain disclosure documents of non-investment fund reporting issuers.
The CSA announced that its members will be considering delegating certain registration functions and powers to the Canadian Investment Regulatory Organization (CIRO). CIRO currently performs certain registration functions for some CSA members under delegated authority, and this further delegation would create a consistent and harmonized approach in registration processes for CIRO members across Canada.
The CSA published, for comment, proposed amendments to Multilateral Instrument 13-102 System Fees. The proposal is intended to better align system fee revenues with projected national systems operating costs.
In response to the full disruption of postal service in Canada, the CSA provided temporary relief from requirements to deliver proxy-related material for routine annual meetings.
November 28 - Canadian securities regulators propose amendments to the principal distributor model
The CSA published for comment proposed amendments to the principal distributor model in the distribution of mutual funds.
The CSA announced final rules modernizing the prospectus filing model for investment funds that reduce regulatory burden without affecting the quality or timeliness of information available to investors.
December 4 - Canadian securities regulators publish summary of 2024 Systemic Risk Survey results
The CSA published a summary of the results from its third annual systemic risk survey. The results of this survey provide the CSA with important information on market participants’ views about the stability of the Canadian financial system.
The CSA announced the publication of a notice intended to provide clarity and guidance on how securities legislation applies to the use of artificial intelligence (AI) systems by market participants. Staff Notice and Consultation 11-348 Applicability of Canadian Securities Laws and the Use of Artificial Intelligence Systems in Capital Markets 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 CSA extended the comment periods for the investment fund continuous disclosure modernization and principal distributor model proposals.
December 18 - CSA issues market update on climate-related disclosure project
The CSA provided an update on the climate-related disclosure project following the Canadian Sustainability Standards Board’s (CSSB) publication of its final Canadian Sustainability Disclosure Standard (CSDS) 1 General Requirements for Disclosure of Sustainability-related Financial Information (CSDS 1) and CSDS 2 Climate-related Disclosures (CSDS 2 and, together with CSDS 1, the CSSB Standards).
The CSA published a Notice and Request for Comment on proposed amendments to National Instrument 23-101 Trading Rules (Proposed Amendments) and proposed changes to Companion Policy 23-101 Trading Rules (Proposed CP Changes) related to the recent rule changes announced by the United States Securities and Exchange Commission.