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 August. In case you missed any of the releases or notices issued over that time, here is a quick rundown on what they meant for issuers, investment firms and investors with links to the documents, where you can find the full details.
August 14 - Canadian Securities Administrators release 2024-2025 Year in Review
The CSA published its annual Year in Review, highlighting the progress made toward delivering each of the six strategic goals outlined in its 2022- 2025 Business Plan.
August 28 - CSA adopts expedited shelf prospectus regime for well-known seasoned issuers
The CSA published a Notice of Amendments related to adopting an expedited shelf prospectus regime for well-known seasoned issuers (WKSIs) in Canada, further enhancing the competitiveness of Canadian markets.
The CSA extended the comment period for its consultation on the framework for an independent dispute resolution service with binding authority – anticipated to be the Ombudsman for Banking Services and Investments (OBSI).
September 4 - CSA seeks applications for Investor Advisory Panel
The CSA invited applications for membership on its Investor Advisory Panel (CSA 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 currently has two member vacancies and is seeking applications
September 25 - CSA adopts amendments to mandatory central counterparty clearing of derivatives
The CSA published final amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (NI 94-101). The amendments were finalized after considering comments received on proposed amendments published in 2024 (in 2025 for the BC Securities Commission).
The securities regulators of Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan, and Yukon published a Notice and Request for Comment for a proposed new harmonized multilateral instrument to support capital raising for Canadian businesses and investment opportunities for eligible investors within participating jurisdictions.
October 2 - 1 in 8 Canadians are hybrid investors – and most plan to stay that way
To mark Investor Education Month, the CSA published Hybrid DIY Investing: A Research Summary Report. The Report offers a comprehensive examination of hybrid investors in Canada, revealing behaviours, motivations and risk profiles of this investor segment.
The CSA provided temporary relief from requirements to deliver proxy-related materials for shareholder meetings in respect of certain annual matters during the postal service suspension. Such relief recognized that the suspension of postal service may impact a reporting issuer’s ability to deliver proxy-related materials to all shareholders.
The CSA extended the comment period for the consultation on the exchange-traded fund (ETF) regulatory framework.
The CSA clarified requirements for delivering proxy-related materials for shareholder meetings during the ongoing labour dispute between Canada Post and the Canadian Union of Postal Workers (CUPW) since CUPW had since moved from a full, nationwide postal strike to rotating strikes.
The CSA reminded crypto-backed lending platforms about the possible application of securities law to their businesses and encourages them to ensure they comply with regulatory requirements. In addition, investors are reminded to seek information on the regulatory status of any firms they seek to do business with.
October 23 - Canadian securities regulators propose semi-annual financial reporting pilot
The CSA announced a proposed multi-year pilot to allow eligible venture issuers to voluntarily adopt semi-annual financial reporting (the SAR Pilot). The SAR Pilot would provide an exemption for certain venture issuers listed on the TSX Venture Exchange Inc. (TSXV) or the CNSX Markets Inc. (CSE) from the requirement to file first and third quarter financial reports under National Instrument 51-102 Continuous Disclosure Obligations.