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 November. In case you missed any of the releases or notices issued over that time, here is a quick rundown on what they mean for issuers, investment firms and investors and the links to the documents, with full details.
The CSA published a Notice and Request for Comment for proposed amendments and changes to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112) and other materials.
November 25 - CSA launches new tool to make consultation process easier and more efficient
The CSA launched a new online tool to make it easier for stakeholders to submit their comments on regulatory policies and rules. Canadians, including capital market participants, industry, investors, and other stakeholders will now be able to provide feedback directly through the CSA tool as opposed to submitting it to individual jurisdictions.
Securities regulators in Ontario, Alberta, British Columbia, Québec, New Brunswick, Nova Scotia and Saskatchewan, published a CSA Multilateral Staff Notice to update market participants and seek feedback on the use of a time-limited exemption
November 27 - CSA publishes proposed liquidity risk management amendments and launches consultation
The CSA published proposed amendments to National Instrument 81-102 Investment Funds and the companion policy relating to liquidity risk management (LRM) for all investment funds. These proposals focus on three key areas – a fund’s LRM framework, operational LRM matters, and oversight of the LRM framework.
December 4 - Canadian securities regulators publish summary of 2025 Systemic Risk Survey results
The CSA day published a summary of the results from its fourth annual systemic risk survey. The results of this survey provide the CSA with important information on market participants’ views about the stability of the Canadian financial system.
The CSA invited interested parties to apply to participate in a new CSA initiative to facilitate access to consolidated real-time market data by retail investors and retail investment advisers.
The CSA and the Canadian Investment Regulatory Organization (CIRO) published their findings from a second phase of reviews of registrants’ compliance with the Client Focused Reform.
The CSA and CIRO released new guidance for financial content creators or influencers, known as “finfluencers.” The guidance aims to help them and the firms they work with understand and follow securities laws when posting information about investing online.
The CSA in collaboration with the CIRO announced initial results from its newly launched initiative to help combat the rising number of fraudulent websites that pose a threat to Canadian investors.
January 21 - Canadian securities regulators publish updated derivatives trade reporting FAQs
The CSA published revised guidance in CSA Staff Notice 96-307 Frequently Asked Questions about Derivatives Trade Reporting (the FAQ). The FAQ has been updated to include the CSA’s responses to additional questions received from market participants since it was first published in May 2025, and to clarify requirements under the CSA rules relating to derivatives data reporting.
January 22 - CSA reduces regulatory burden in continuous disclosure regime for investment funds
The CSA announced final amendments to modernize the continuous disclosure regime for investment funds. These amendments are designed to reduce the regulatory burden on investment fund managers while maintaining the quality and timeliness of disclosure for investors.