Submitted by nsscadmin on
The end of the first quarter of 2022 and the beginning of the second quarter has been a busy time for the Nova Scotia Securities Commission and the Canadian Securities Administrators. Several releases and notices were issued by the CSA to provide information to investors and the industry. In case you missed any of these releases or notices here’s a quick rundown on what they meant for issuers and investors and links to the documents, where you can find full details.
The Canadian Securities Administrators (CSA) alerted all market participants about economic sanctions imposed by the Government of Canada recently under amendments to the Special Economic Measures (Russia) Regulations. These Regulations were amended in light of Russia’s violation of the sovereignty and territorial integrity of Ukraine.
The CSA announced temporary exemptions published by the Ontario Securities Commission (OSC) aimed at facilitating the OEO Trailer Ban in Ontario. Nova Scotia followed with a blanker order [BO 81-509] on March 25, 2022 on exemptions from the OEO trailer ban to facilitate dealer rebates of trailing commissions and client transfer.
April 5 - CSA, IIROC and MFDA update on implementation of new SRO
The CSA, IIROC and MFDA provided a joint status update on work that is underway to implement the new, single enhanced self-regulatory organization (SRO) and new investor protection fund (IPF). Work is progressing well, and timing is on track for a completion date of December 31, 2022. This is in keeping with the timeline that was agreed upon by the Canadian Securities Administrators (CSA), and the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada (the SROs).
The Canadian Securities Administrators (CSA) published proposed amendments to implement an access equals delivery model for prospectuses generally, annual financial statements, interim financial reports and related management's discussion & analysis (MD&A) for non-investment fund reporting issuers.
The proposed amendments can be found on the websites of CSA members. Comments should be submitted in writing by July 6, 2022.
The Canadian Securities Administrators (CSA) published changes to harmonize the interpretation of the financial statement requirements for a long form prospectus, such as in an issuer’s initial public offering (IPO). Specifically, the changes apply in situations where an issuer has acquired a business, or proposes to acquire a business, that a reasonable investor would regard as being the primary business of the issuer. The changes were informed by stakeholder feedback that certain inconsistent interpretations of the primary business requirements add time, cost and uncertainty for issuers.
April 14 - Canadian securities regulators seek input on disclosure standards for mineral projects
The Canadian Securities Administrators published CSA Consultation Paper 43-401 Consultation on National Instrument 43-101 Standards of Disclosure for Mineral Projects seeking comments on Canada’s standards for disclosing scientific and technical information about mineral projects, as we consider ways to update and enhance those requirements.
The comment period will end on July 13, 2022. Details about submitting comments can be found at the end of the consultation paper.