Regulatory Review: February – April

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 February. 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.

February 15 - CSA publishes 2023 Systemic Risk Committee annual report

The CSA published its Systemic Risk Committee’s 2023 Annual Report on Capital Markets. This annual report provides an analysis of recent financial market trends and key vulnerabilities in Canadian capital markets and highlights the CSA’s efforts to mitigate those vulnerabilities and associated risks. The report is being made public for the first time as part of the CSA’s strategic goal to promote market integrity and financial stability by demonstrating effective oversight and greater transparency.

February 22 - Canadian securities regulators provide updated guidance on virtual shareholder meetings

The CSA provided reporting issuers updated guidance on virtual shareholder meetings following initial guidance provided in February 2022.

February 27 - Settlement Agreement Approved for Live Ship Ltd

The Commission approved a settlement agreement with Live Ship Ltd. Live Ship is a Nova Scotia corporation with its head office in Sydney, NS and has been registered as a Community Economic Development Corporation since October 20, 2017.

March 7 - Canadian securities regulators publish updated guidance on ESG-related investment fund disclosure

The CSA published updated guidance for investment funds on disclosure practices as they relate to environmental, social and governance (ESG) matters.

March 13 - Canadian securities regulators issue statements on proposed sustainability disclosure standards and ongoing climate consultation

The CSA welcomed the launch of the Canadian Sustainability Standards Board’s (CSSB) consultation on Canadian Sustainability Disclosure Standards 1 and 2.

March 28 - Canadian securities regulators publish two new annual reports

The CSA released two new reports: the Oversight Review Report of the Canadian Investment Regulatory Organization and the 2023 Annual Activities Report on the Oversight of CIRO and Canadian Investor Protection Fund.

April 8 - Decision released on Yunfu Jiang

The Commission delivered its decision on allegations of securities laws violations against Yunfu Jiang following a public hearing in January 2024.

April 15 - Joint Forum of Financial Market Regulators discusses emerging trends and innovation in Canadian markets at annual meeting

The Joint Forum of Financial Market Regulators held its annual meeting on April 10, 2024, bringing together members of the CSA, the Canadian Council of Insurance Regulators, the Canadian Association of Pension Supervisory Authorities, and representatives from the Canadian Insurance Services Regulatory Organizations, as well as the Mortgage Broker Regulators’ Council of Canada.

April 17 - Canadian securities regulators provide update on interim approach to value-referenced crypto assets

The CSA provided an update to crypto asset trading platforms on the implementation of its interim approach to value-referenced crypto assets.

April 18 - Canadian securities regulators publish next steps to facilitate access to real-time market data

The CSA published Staff Notice 21-334 Next Steps to Facilitate Access to Real-Time Market Data (RTMD) which summarizes the comments received to the Consultation Paper published in November 2022, and advises stakeholders of the CSA’s next steps to address the access to and use of RTMD.

April 25 - CSA publishes research on impact of Client Relationship Model Amendments on industry and investor behaviour

The CSA published two research reports that examined the investment fund industry and investor behaviour following the implementation of the Client Relationship Model Phase 2 Amendments.