Submitted by nsscadmin on
Our latest regulatory review looks at all regulatory releases and notices issued by the Nova Scotia Securities Commission (the Commission) and the Canadian Securities Administrators (CSA) since August. 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.
The CSA published a Notice and Request for Comment on proposed amendments and changes to certain National Instruments and Policies to address several matters, including the creation of a Senior Tier by the Canadian Securities Exchange (CSE).
The CSA and the Canadian Investment Regulatory Organization (CIRO) reminded crypto trading platforms to ensure their operations comply with Canadian securities laws by prioritizing their applications for registration as investment dealers and membership with CIRO.
September 12 - Canadian securities regulators publish Derivatives Business Conduct Rule FAQs
The CSA published CSA Staff Notice 93-302 Frequently Asked Questions about National Instrument 93-101 Derivatives: Business Conduct to address frequently asked questions from derivatives market participants related to National Instrument 93-101 Derivatives: Business Conduct (NI 93-101), which came into force on September 28, 2024.
September 19 - Canadian securities regulators propose amendments to mandatory central counterparty clearing of derivatives
The CSA published a CSA Notice of Consultation on proposed amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives.
The proposed amendments aim to update the list of mandatory clearable derivatives to reflect the transition of Canadian financial markets to new overnight risk-free interest rate benchmarks; to add new classes of interest rate swaps; and to add credit default swaps referencing certain indexes.
September 19 - Canadian Securities Administrators Propose Amendments to Modernize Continuous Disclosure Regime for Investment Funds
The CSA published for comment a series of proposed amendments aimed at modernizing the continuous disclosure regime for investment funds. These proposals are designed to provide investors with more focused and valuable disclosure while reducing the regulatory burden on investment fund managers.
The securities regulatory authorities of Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Nunavut, Northwest Territories and Yukon and the Canadian Investment Regulatory Organization provided an update on their work related to the recent rule changes announced by the United States Securities and Exchange Commission (SEC). These rule changes follow the SEC consultations launched on December 14, 2022, on four proposals to change certain fundamental elements of U.S. market structure (SEC Proposed Amendments).
September 24 - CSA seeks applications for Investor Advisory Panel
The CSA invited applications for membership on its Investor Advisory Panel (IAP). The CSA IAP was established in July 2022 to ensure retail investors’ interests and concerns are considered as policies are being developed. The Panel has one member vacancy and is seeking applications. IAP members are appointed for staggered terms of either two or three years, which may be renewed once.
September 26 - CSA provides update to crypto asset trading platforms about value-referenced crypto assets
The CSA provided a further update for crypto asset trading platforms (CTPs) that are registered, or that provided a pre-registration undertaking (PRU), about the application of terms and conditions in the CTPs’ registration and exemptive relief decisions or PRUs related to value-referenced crypto assets (VRCAs).
October 29 - Canadian roundtable on audit quality addresses current state and trends
On October 21, the CSA, the Canadian Public Accountability Board, and the Office of the Superintendent of Financial Institutions cohosted the sixth annual Canadian Audit Quality Roundtable.