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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 May. 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.
The CSA published CSA Staff Notice 96-307 Frequently Asked Questions about Derivatives Trade Reporting (the FAQ) and CSA Staff Notice 96-308 Notice of Significant Error or Omission (the Notice) in connection with amendments to rules relating to trade repositories and derivatives data reporting that take effect on July 25, 2025.
May 14, 2025 - CSA expands capital-raising options for listed issuers
The CSA increased the limit on capital-raising under the listed issuer financing exemption to support the competitiveness of Canada’s capital markets. This move is the latest in a series of recent CSA actions, including other blanket orders, to help companies grow.
The CSA issued directives that would be put in place in the event of a postal service suspension.
The CSA published Staff Notice 23-334 extending the comment period for proposed amendments to National Instrument 23-101 Trading Rules and Companion Policy 23-101 Trading Rules. The proposed amendments would lower the active trading fee cap applicable to trades in securities that are listed on both a Canadian recognized exchange and a U.S. registered national securities exchange (U.S. Interlisted Securities).
June 12, 2025 - CSA proposes amendments to modernize and streamline mining disclosure standards
The Canadian Securities Administrators (CSA) is seeking feedback on proposed amendments to National Instrument 43-101 Standards of Disclosure for Mineral Projects. The proposed amendments are intended to clarify, harmonize and streamline Canada’s mining disclosure regime without introducing any new requirements. The proposed amendments would update and enhance the standards for disclosing scientific and technical information about mineral projects to address evolving disclosure practices and policy considerations identified by CSA staff, and to reflect changing industry and investor expectations
June 19, 2025 - CSA revises “venture issuer” definition and codifies form of proxy requirement
The CSA published amendments and changes to certain National Instruments and Policies to address a number of matters, including the creation of a Senior Tier by the Canadian Securities Exchange (CSE).
June 19, 2025 - Canadian securities regulators launch consultation on ETF framework
The CSA published a consultation paper on the exchange-traded fund (ETF) regulatory framework.
June 26, 2025 - CSA publishes 3-year Business Plan focused on competition and investor protection
The CSA released its 2025-2028 Business Plan setting out the priorities of its members for the next three years. The Plan highlights the CSA’s ongoing commitment to responsive and harmonized regulation and is rooted in two overarching goals: to enhance the competitiveness of Canadian capital markets and to advance investor protection.
June 26, 2025 - Canadian securities regulators propose prohibiting the use of chargebacks in the distribution of investment funds
The CSA published, for a 90-day comment period, proposed amendments that would prohibit the use of chargebacks in the distribution of investment funds offered by prospectus.
July 3, 2025 - CSA issues guidance about regulatory concerns with certain asset or business acquisitions
The CSA published guidance about regulatory concerns with certain asset or business acquisitions – primarily taking place in venture markets – including concerns with misleading disclosure that could constitute market manipulation.
July 10, 2025 - CSA announces final amendments to Multilateral Instrument 13-102 System Fees
The CSA published in final form amendments to Multilateral Instrument 13-102 System Fees (MI 13-102). The CSA is increasing system fees for SEDAR+ and the National Registration Database (NRD) over a five-year period starting on November 28, 2025. These system fee increases are necessary to ensure sufficient funding to operate the CSA’s national systems over those five years. Under the amendments the total dollar amount of system fees collected by the CSA will increase and no new system fees will be introduced. To maintain a fair and transparent cost recovery approach, the CSA uses a flat per-filing system fee model, where fees increase proportionally based on system use.
July 15, 2025 - CSA consults on proposed process refinements and oversight for a dispute resolution service for investor complaints
The CSA provided for comment more details on the proposed framework for an independent dispute resolution service with binding authority – anticipated to be the Ombudsman for Banking Services and Investments (OBSI). The consultation includes a proposed oversight model for OBSI and refinements on the review and decision stage of the dispute resolution process.
July 23, 2025 - Canadian securities regulators publish CIRO oversight review report
The CSA released the Oversight Review Report of the Canadian Investment Regulatory Organization (CIRO).
July 24, 2025 - CSA announces exemptions for investment funds to facilitate access to the Bank of Canada’s Contingent Term Repo Facility
The CSA issued coordinated blanket orders granting exemptive relief to facilitate access to the Bank of Canada’s (the Bank) Contingent Term Repo Facility (CTRF) for eligible investment funds.