What's new in regulation at the ASC? Check back often for the latest updates.
NOTE: Until rules or instruments become effective as evidenced by their publication in The Alberta Gazette (see section 225 of the Securities Act (Alberta)), they are subject to non-substantive changes. Should such changes occur, a revised version of the relevant rule or instrument will be published on this website.
Industry and public consultation is an important part of the regulatory process and provides good input into new or revised legislation. When the ASC or the Canadian Securities Administrators (CSA) believes new or revised regulation is required, they will typically publish the proposed new documents for public comment.
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May 2022
The Canadian Securities Administrators (CSA) are publishing Multilateral CSA Notice of Publication of Amendments to National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions (the Amendments). The Amendments reduce the frequency of the requirement for regulated clearing agencies to deliver Form 94-102F3 Customer Collateral Report: Regulated Clearing Agency from monthly to quarterly. The CSA are of the view that reducing the frequency of the requirement to deliver Form 94-102F3 from monthly to quarterly generates time and cost savings for regulated clearing agencies without compromising the CSA’s ability to detect and respond to major changes in the derivatives clearing market and to ensure the proper identification of customer collateral and the clearing intermediaries, regulated clearing agencies and permitted depositories that hold it. The Amendments are effective as of July 26, 2022 (provided all government ministerial approvals are obtained).
The Canadian Securities Administrators (CSA) today published for comment several documents necessary for the launch of a new single self-regulatory organization (SRO) and a new investor protection fund (IPF).
Following extensive public consultations, the CSA published CSA Position Paper 25-404 – New Self-Regulatory Organization Framework (Position Paper), recommending amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) into a single SRO (New SRO) in order to provide a framework for efficient and effective regulation in the public interest, including an enhanced governance structure, improved investor protection and education, and strengthened industry proficiency. The CSA also recommended in the Position Paper to amalgamate the two current investor protection funds, the Canadian Investor Protection Fund (CIPF) and the MFDA Investor Protection Corporation (MFDA IPC), into a single protection fund (New IPF), which will be independent from the New SRO. IIROC and the MFDA have been working collaboratively to amalgamate their regulatory activities into the New SRO, and have applied on behalf of the New SRO for its recognition.
CSA Staff Notice and Request for Comment 25-304 Application for Recognition of New Self-Regulatory OrganizationThe Canadian Securities Administrators (CSA) today published for comment several documents necessary for the launch of a new single self-regulatory organization (SRO) and a new investor protection fund (IPF).
Following extensive public consultations, the CSA published CSA Position Paper 25-404 – New Self-Regulatory Organization Framework (Position Paper), recommending amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) into a single SRO (New SRO) in order to provide a framework for efficient and effective regulation in the public interest, including an enhanced governance structure, improved investor protection and education, and strengthened industry proficiency. The CSA also recommended in the Position Paper to amalgamate the two current investor protection funds, the Canadian Investor Protection Fund (CIPF) and the MFDA Investor Protection Corporation (MFDA IPC), into a single protection fund (New IPF), which will be independent from the New SRO. CIPF and MFDA IPC have been working collaboratively to amalgamate their operational activities into the New IPF and have made representations on behalf of the New IPF for its approval and acceptance as a compensation / contingency fund.
CSA Staff Notice and Request for Comment 25-305 Application for Approval of the New Investor Protection FundApril 2022
The Alberta Securities Commission is publishing for a 90-day comment period proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and related proposed changes pertaining to total cost reporting for investment funds, in harmonization with similar proposals insurance regulators are making for segregated funds.
In CSA Position Paper 25-404 A New Self-Regulatory Organization Framework, the CSA stated its intent to publish an annual activities report on the CSA’s oversight of Self Regulatory Organizations(SRO) and Investor Protection Funds (IPF). Attached is the first Annual Activities Report, covering the 2021 calendar year.
This report summarizes the key oversight activities of CSA staff and their assessment of SRO and IPF compliance with securities legislation requirements, including the terms and conditions of recognition or approval. As part of our continuing efforts to be transparent and foster public confidence in the regulatory framework, CSA staff intend to publish an activities report on the CSA’s oversight on an annual basis, going forward.
The Canadian Securities Administrators (CSA) has adopted changes to Companion Policy 41-101 to National Instrument 41-101 General Prospectus Requirements and consequential changes to Companion Policy 51-102 Continuous Disclosure Obligations. These changes clarify the CSA’s harmonized interpretation of the primary business and financial statement requirements for a long form prospectus.
The Canadian Securities Administrators (CSA) are publishing CSA Consultation Paper 43-401 Consultation on National Instrument 43-101 Standards of Disclosure for Mineral Projects (the Consultation Paper) for a 90-day comment period. The purpose of this Consultation Paper to obtain feedback from stakeholders about the efficacy of several key provisions of NI 43-101, priority areas for revision, and whether regulatory changes would address concerns expressed by certain stakeholders. The information gathered will assist the CSA in considering ways to update and enhance the current mineral disclosure requirements, to provide investors with more relevant and improved disclosure, and to continue to foster fair and efficient capital markets for mining issuers.
The comment period ends on July 13, 2022.
The Canadian Securities Administrators (CSA) published for comment today proposed amendments to implement an access equals delivery model for prospectuses generally, annual financial statements, interim financial reports and related management’s discussion and analysis for non-investment fund reporting issuers.
Comment period ends: July 6, 2022.
February 2022
Staff of the Canadian Securities Administrators (CSA Staff or we) are publishing CSA Notice 24-318 Preparing for the Implementation of T+1 to raise awareness, summarize our views, and describe our role with respect to an initiative by the Canadian securities industry to shorten the standard settlement cycle for most trades in securities from two days after the date of trade (T+2) to one day after the date of trade (T+1). CSA Staff are of the view that shorter settlement cycles can help reduce settlement risk and have the potential to improve operational efficiencies for the industry.
CSA Staff Notice 24-318 Preparing for the Implementation of T+1 Settlement
January 2022
CSA Staff Notice 81-334 ESG-Related Investment Fund Disclosure, published today, provides guidance for investment funds on their disclosure practices that relate to environmental, social and governance (ESG) considerations, particularly funds whose investment objectives reference ESG factors and other funds that use ESG strategies (ESG-Related Funds). The guidance is based on existing regulatory requirements and addresses areas of disclosure, including investment objectives, fund names, investment strategies, risk disclosure, continuous disclosure and sales communications. This guidance is intended to address the risk of “greenwashing”, by helping investment funds and their fund managers enhance the ESG-related aspects of the funds’ regulatory disclosure documents and ensure that the sales communications of ESG-Related Funds are not untrue or misleading and are consistent with the funds’ regulatory offering documents.
CSA Staff Notice 81-334 ESG-Related Investment Fund Disclosure
The Canadian Securities Administrators (the CSA or we) today published amendments to National Instrument 52-108 Auditor Oversight (the Amendments) and changes to Companion Policy 52-108 Auditor Oversight (the CP Changes). The Amendments require actions by reporting issuers and participating audit firms that will assist the Canadian Public Accountability Board (CPAB) in accessing audit working papers of component auditors, particularly in certain foreign jurisdictions. The CP Changes provide guidance on how we will interpret and apply the Amendments.
The Amendments are effective March 30, 2022.December 2021
The Alberta Securities Commission, along with other members of the Canadian Securities Administrators, today issued blanket relief from certain prospectus requirements for qualifying well-known seasoned issuers (WKSI) that will allow a WKSI to file a final base shelf prospectus with its principal regulator and obtain a receipt on an accelerated basis, without first filing a preliminary base shelf prospectus.
ASC Blanket Order 44-501 Exemption from Certain Prospectus Requirements for Well-Known Seasoned IssuersThe Alberta Securities Commission, along with other members of the Canadian Securities Administrators, today issued blanket relief from certain requirements in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (the Instrument), such that the Instrument does not apply to eligible issuers in respect of disclosure of a specified financial measure pursuant to an OSFI Guideline, under certain conditions.
The purpose of this Notice is to notify the public that the CSA plans to establish an Investor Advisory Panel (the CSA IAP) to represent the interests of retail investors in pan-Canadian policy development activity. The CSA is seeking comments on the proposed CSA IAP and proposed terms of reference that will govern its functioning. The comment period ends February 1, 2022. Member selection process is expected to be completed in the spring of 2022.
CSA Staff Notice and Request for Comment 11-343 Proposal to Establish a CSA Investor Advisory Panel
November 2021
The Exemption is effective November 10, 2021 and will expire on November 11, 2024.
The ASC is revoking the current ASC Blanket Order 31-505 Registration Exemption for Trades in Connection with Certain Prospectus-Exempt Distributions (Blanket Order 31-505, also referred to as the Northwestern Exemption) effective on May 11, 2022. The six month period will allow Finders that are currently relying on the dealer registration exemption contained in Blanket Order 31-505 a transition period in which to complete private placements that are in progress.
After May 11, 2022 an unregistered Finder that triggers the registration requirement will need to rely on the Exemption. Finders that wish to rely on the Exemption will need to make the new required filing under it. Previous filings made by Finders under Blanket Order 31-505 will not transfer to the Exemption.
ASC Notice of Implementation of ASC Blanket Order 31-536 Alberta Small Business Finder’s Exemption
ASC Blanket Order 31-536 Alberta Small Business Finder’s Exemption
Participating Canadian Securities Administrators (CSA) jurisdictions published CSA Multilateral Staff Notice 58-313 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (Year 7 Report) (Notice). This Notice outlines key findings from our recent review of public disclosure regarding women on boards and in executive officer positions and also provides new guidance to help improve the consistency and comparability of this disclosure.
October 2021
The Alberta Securities Commission is publishing proposed National Instrument 51-107 Disclosure of Climate-related Matters for a 90-day comment period expiring January 17, 2022.
More information on how to submit comments is available here.
September 2021
The Canadian Securities Administrators (CSA) are publishing CSA Notice and Request for Comment Proposed amendments to National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions (the Proposed Amendments) for a 60-day comment period expiring November 15, 2021. The Proposed Amendments reduce the frequency of the requirement for regulated clearing agencies to deliver Form 94-102F3 Customer Collateral Report: Regulated Clearing Agency from monthly to quarterly. The CSA are of the view that reducing the frequency of the requirement to deliver Form 94-102F3 from monthly to quarterly generates time and cost savings for regulated clearing agencies without compromising the CSA’s ability to detect and respond to major changes in the derivatives clearing market and to ensure the proper identification of customer collateral and the clearing intermediaries, regulated clearing agencies and permitted depositories that hold it.
Today the ASC and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) have adopted a new prospectus exemption designed to provide greater access to capital for small and innovative Alberta and Saskatchewan businesses.
The new small business financing prospectus exemption allows Alberta and Saskatchewan businesses to raise up to $5 million from the public using a simple, streamlined offering document. The exemption has tiered offering limits depending on whether financial statements are provided to investors. To mitigate risks to investors, investments are limited, with higher limits possible where financial statements are provided or where the investor either has certain minimum income or has received investment advice from a registered dealer. The investment limits don’t apply to investors who qualify to invest under certain other common prospectus exemptions.
August 2021
The Canadian Securities Administrators (CSA) is publishing for a 60-day comment period proposed changes to Companion Policy 41-101 to National Instrument 41-101 General Prospectus Requirements and consequential changes to Companion Policy 51-102 Continuous Disclosure Obligations. The CSA is proposing changes to clarify the interpretation of the primary business and financial statement requirements for a long form prospectus.
The CSA has completed its review of the self-regulatory framework in Canada. Following extensive consultation, research and analysis, the CSA has determined that a new, single enhanced SRO (the New SRO) and a new, single investor protection fund (the New IPF) is the best way to resolve the issues identified in the current structure and to better protect investors. To achieve this, the CSA will oversee the combination of the existing entities into the New SRO and the New IPF, and coordinate the implementation of specific recommendations to address the issues identified in the June, 2020 Consultation Paper. The CSA is publishing this Position Paper to convey its decision to restructure the self-regulatory framework and to describe how the issues identified in the current framework will be resolved by the new self-regulatory structure. The CSA will consider written representations for 60-days following publication of this Position Paper.
CSA Position Paper 25-404 New Self-Regulatory Organization Framework
July 2021
The Canadian Securities Administrators (the CSA or we) today published amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103 or the Rule) and Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103CP or the Companion Policy, together the Instrument). The Amendments relate to the provisions of the Instrument relating to business operations and client relationships and will enhance protection of older and vulnerable clients by providing registrants with tools and guidance to address issues of financial exploitation and diminished mental capacity.
The Amendments will require registrants to take reasonable steps to obtain the name and contact information of a trusted contact person (TCP), as well as the client’s written consent to contact the TCP in prescribed circumstances.
In addition, the Amendments will clarify that registered firms and registered individuals are not prohibited from placing a temporary hold on the purchase or sale of a security on behalf of a client or on the withdrawal or transfer of cash or securities from a client’s account, provided that they take certain prescribed steps, in the following circumstances:
- where a registered firm reasonably believes that financial exploitation of a vulnerable client has occurred, is occurring, has been attempted or will be attempted, or
- where a registered firm reasonably believes that the client does not have the mental capacity to make decisions involving financial matters.
The Amendments are expected to be adopted by each member of the CSA. Provided all necessary ministerial approvals are obtained, the Amendments will come into force on December 31, 2021.
The CSA worked together with the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) (together referred to as the self-regulatory organizations or the SROs) to develop the Amendments. The Amendments will apply to all registered firms, including members of IIROC and MFDA. IIROC and the MFDA plan to implement corresponding amendments to the IIROC Rules and the MFDA Rules, respectively. Subject to the necessary approvals, these SRO rule amendments will come into effect on December 31, 2021.
June 2021
On October 3, 2019, the Canadian Securities Administrators (the CSA or we) published amendments to National Instrument 31-103 (NI 31-103), the Client Focused Reforms (CFRs).On February 20, 2020, all CSA jurisdictions other than Ontario published amendments to National Instrument 81-105 Mutual Fund Sales Practices (NI 81-105) to prohibit (the DSC ban) the payment by fund organizations of upfront sales commissions to dealers, which will result in the discontinuation of all forms of a compensation model referred to as the deferred sales charge option, including low-load options (collectively, the DSC option). In order to give dealers time to transition away from the DSC option, the DSC ban will not be effective until June 1, 2022 (the DSC transition period).
The CFRs are an important investor protection initiative based on the concept that in the client-registrant relationship, the interests of the client come first. The CFRs’ enhanced conflicts of interest provisions come into effect on June 30, 2021. As a result, there will be an overlap period of approximately 11 months between the effective date of the CFRs’ enhanced conflicts of interest provisions and the effective date of the DSC ban. There will also be a five month overlap period between the effective date of the DSC ban and the CFRs’ enhanced suitability provisions, including the requirement to put the client’s interest first, which come into effect on December 31, 2021.
In order to address any issues raised by the overlapping periods between the implementation of the enhanced conflicts of interest and “client first” suitability requirements of the CFRs and the implementation of the DSC ban, the CSA jurisdictions have decided to grant relief from these enhanced standards in respect of sales of DSC products during the DSC transition period. The orders will come into effect on June 30, 2021 and expire on June 1, 2022.
This Notice summarizes the key regulatory requirements with respect to the reporting of a material systems incident by marketplaces. This version updates and, where appropriate, aligns the regulatory requirements and processes for a marketplace’s initial notification, follow-up notification(s), notification of resumption of service, and post-mortem report of a material systems incident to the CSA and to the public.
CSA Staff Notice 21-326 Guidance for Reporting Material Systems Incidents - Revised
May 2021
The Canadian Securities Administrators (the CSA or we) today published, National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (the Instrument), the related companion policy and consequential amendments and changes. The Instrument sets out disclosure requirements for non-GAAP financial measures, non-GAAP ratios, and other financial measures. The final rule incorporates feedback to clarify and streamline the application and disclosure requirements. Prior to adopting the final rule, issuers should continue to refer to Staff Notice 52-306 (Revised) Non-GAAP Financial Measures, which will be withdrawn when transition to the final rule is complete.
The Instrument will come into effect on August 25, 2021.
The Canadian Securities Administrators (CSA) published for comment today proposed amendments to National Instrument 51-102 Continuous Disclosure Obligations. The proposed amendments streamline and clarify certain disclosure requirements for the management’s discussion and analysis (MD&A) and the annual information form (AIF). In addition, they combine the financial statements, MD&A and, where applicable, AIF into one reporting document called the annual disclosure statement for annual reporting purposes, and the interim disclosure statement for interim reporting purposes. The CSA is also consulting on a proposed framework for semi-annual reporting by some Canadian reporting issuers.
Comment period ends: September 17, 2021
The Canadian Securities Administrators (CSA) are publishing CSA Staff Notice 94-304 Frequency of the requirement to deliver Form 94-102F3 Customer Collateral Report: Regulated Clearing Agency (CSA Staff Notice 94-304) and the Alberta Securities Commission is publishing Blanket Order 94-502 in order to exempt a regulated clearing agency that receives customer collateral from the requirement to electronically deliver a completed Form 94-102F3 to the regulator on a monthly basis, provided that the regulated clearing agency provides this filing quarterly. CSA Staff Notice 94-304 indicates that reducing the frequency of the requirement to deliver Form 94-102F3 from monthly to quarterly generates time and cost savings for regulated clearing agencies without compromising the CSA’s ability to detect and respond to major changes in the derivatives clearing market and to ensure the proper identification of customer collateral and the clearing intermediaries, regulated clearing agencies and permitted depositories that hold it.
and
April 2021
Today, the ASC and the securities regulatory authorities of British Columbia, Saskatchewan, Ontario, Québec, New Brunswick and Nova Scotia adopted Multilateral Instrument MI 25-102 Designated Benchmarks and Benchmark Administrators (MI 25-102) to establish a Canadian regulatory regime for financial benchmarks. MI 25-102 provides a comprehensive regime for the designation and regulation of benchmarks, as well as persons or companies that administer them, and a framework for the regulation of persons or companies that contribute data used to determine a designated benchmark. Domestically, the Canadian Dollar Offered Rate (CDOR) is an important interest rate benchmark, being administered by Refinitiv Benchmarks Services Limited (RBSL). Upon implementation of MI 25-102, the CSA intends to designate CDOR as a designated benchmark and RBSL as its administrator.
The Canadian Securities Administrators (CSA) published for comment today proposed amendments to National Instrument 14-101 Definitions and proposed consequential amendments. The proposed amendments will ensure a uniform definition of “Canadian financial institution” which applies to all national and multilateral instruments and will repeal definitions of that expression elsewhere in national instruments. The proposed amendments will also introduce a revised definition of “Handbook” to reflect separate publications of the Chartered Professional Accountants of Canada that relate to accounting and assurance.
Comment period ends: July 21, 2021.
The Canadian Securities Administrators (CSA) are publishing CSA Staff Notice 95-302 Margin and Collateral Requirements for Non-Centrally Cleared Derivatives (CSA Staff Notice 95-302) in order to provide an update on developments relating to margin and collateral requirements for over-the-counter derivatives that are not centrally cleared, since the last update that was provided with the publication of CSA Staff Notice 95-301 Margin and Collateral Requirements for Non-Centrally Cleared Derivatives dated August 22, 2019. Specifically, the update in CSA Staff Notice 95-302 indicates as follows:
- we have found no material changes from a year ago as a result of our harmonized monitoring process for data from derivatives trade repositories; and
- we will not proceed at this time with the implementation of margin and collateral requirements for over-the-counter derivatives that are not centrally cleared.
March 2021
Today the ASC and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) have adopted a new prospectus exemption designed to provide greater access to capital for Alberta and Saskatchewan businesses and broaden investment opportunities for Alberta and Saskatchewan investors.
The new prospectus exemption allows investors who certify to having certain financial or investment knowledge, and acknowledge that they understand certain investment considerations and risks, to invest alongside accredited investors. To mitigate the risks of investing, self-certified investors are limited, in a calendar year, to investments of $10,000 in any one issuer and $30,000 across multiple businesses. The investment limits won't apply to an investment in an issuer listed on a Canadian stock exchange that is complying with its ongoing reporting obligations, provided that the investor has received suitability advice with respect to the investment.
Today the CSA and IIROC published Staff Notice 21-329 Guidance for Crypto-Asset Trading Platforms: Compliance with Regulatory Requirements outlining the securities law requirements that apply to platforms when trading crypto assets that are securities or derivatives or trading contractual rights or claims to underlying crypto assets such as bitcoin and ether. It outlines the procedure for seeking registration and other authorizations and identifies areas where flexibility may be considered if the risks can otherwise be addressed. The notice also advises that if a platform is required to be registered but is not yet, it may raise public interest concerns for it to go public. It recommends platforms planning a going public transaction engage first with the securities regulator in their local jurisdiction.”
The Canadian The Alberta Securities Commission (ASC) and Financial and Consumer Affairs Authority of Saskatchewan (FCAA) have published for comment a proposed new prospectus exemption, the Small Business Financing exemption, which is intended to be available to streamline the financing process for small businesses in Alberta and Saskatchewan raising up to $5,000,000 from investors in those provinces. If adopted, the new exemption will be provided by local blanket orders.
Comment period ends: May 7, 2021.
CSA Multilateral Notice and Request for Comment Proposed Order 45-539 Small Business Financing
The Alberta Securities Commission (ASC) published today for a 44 day comment period a proposal to revoke the current ASC Blanket Order 31-505 Registration Exemption for Trades in Connection with Certain Prospectus-Exempt Distributions (Blanket Order 31-505, also referred to as the Northwestern Exemption) and replace it with proposed ASC Blanket Order 31-536 Alberta Small Business Finder’s Exemption (the Proposed Blanket Order). The Proposed Blanket Order will provide a more targeted exemption from the dealer registration requirement that is intended to enhance investor protection and better integrate with the existing and proposed prospectus exemptions that small business in Alberta can rely on.
Comment period ends: May 7, 2021.
The Canadian Securities Administrators (CSA) published amendments to CSA Staff Notice 41-307 Concerns regarding an Issuer’s Financial Condition and the Sufficiency of Proceeds from a Prospectus Offering (Revised) that was published March 2, 2012. The Notice provides an update to the guidance regarding the financial condition of an issuer and/or the sufficiency of proceeds in the context of a prospectus offering.
The ASC is publishing an ASC Staff Notice on final amendments to ASC Rule 72-501 Distributions to Purchasers Outside Alberta (the Rule). The amendments include an exemption from the underwriter certificate requirement for a foreign public offering under a prospectus and re-imposition of the requirement for an issuer relying on specified exemptions in the Rule to provide certain information required by Item 7(f) of National Instrument 45-106F1 Report of Exempt Distribution (the Amendments). The Amendments are anticipated to come into force on April 15, 2021.
ASC Notice of Amendments to ASC Rule 72-501 Distributions to Purchasers Outside Alberta
The Canadian Securities Administrators (CSA) today published CSA Multilateral Staff Notice 58-312 Report on Sixth Staff Review of Disclosure Regarding Women on Boards and Executive Officer Positions (Notice). This notice summarizes key trends from our recent review of 610 issuers’ public disclosures regarding women on boards and in executive officer positions.
February 2021
CSA jurisdictions are providing an update regarding the effective date of the amendments in respect of syndicated mortgages that were published August 6, 2020.
CSA Staff Notice 45-328 Update on Amendments relating to Syndicated Mortgages: NI 45-106 and NI 31-103
The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51-362 Staff Review of COVID-19 Disclosures and Guide for Disclosure Improvements, providing key findings from recently completed reviews of issuers’ COVID-19 disclosure. Guidance and disclosure examples have been provided to assist issuers with reporting on the impacts of COVID-19 to their business and operations.
CSA Staff Notice 51-362 Staff Review of COVID-19 Disclosures and Guide for Disclosure Improvements
The CSAs are proposing targeted amendments to NI 33-109 and its companion policy, with tangential amendments to NI 31-103 and its companion policy. The purpose of these amendments is to reduce the compliance burden on registrants while improving the effectiveness of NI 33-109 and improving the quality of information from registrants. The certification is now standardized across all forms, to ensure registrants understand the high standard expected of the information they provide to the CSAs. The privacy language is now clearer and standardized. Significant changes have been made to the reporting requirements of Outside Activities to clarify and simplify reporting obligations. Deadlines have been standardized and, in some cases, lengthened. Some requirements have been clarified to reduce the number of incorrect filings and therefore reduce the compliance burden on both registrants and CSA staff. We look forward to receiving feedback from our stakeholders.
Request for Comment Proposed Amendments to NI 33-109
January 2021
Alberta Securities Commission Rule 45-509 Offering Memorandum for Real Estate Securities was made effective by the Commission on September 15, 2004.
The rule has seen very limited use in recent years. Accordingly, the Commission proposes to repeal it, in order to streamline Alberta securities legislation and reduce regulatory burden.
ASC Notice of Proposed Repeal of ASC Rule 45-509 Offering Memorandum for Real Estate Securities.
May 2020
As a result of the ongoing COVID-19 pandemic, the Alberta Securities Commission (ASC), along with the securities regulatory authorities in British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon (the participating jurisdictions) has published a new blanket order that provides registrants with temporary relief from certain financial statement and information delivery requirements. The conditions of the relief are substantially the same as the temporary relief announced on March 23 (prior relief), but the relief is only applicable to registrants with filing or delivery deadlines in the periods described below.
The blanket relief provides a 60-day extension for periodic filings normally required to be made between June 2, 2020 and September 30, 2020. Registrants that have already used the prior relief to extend their deadline for any financial statement or information delivery requirements occurring on or before June 1, 2020, cannot use this relief to further extend that deadline.
Registrants who are registered in multiple jurisdictions will need to ensure that they satisfy normally applicable filing deadlines in those jurisdictions where the relief does not apply.
The securities regulatory authorities in Québec and Manitoba separately published temporary blanket relief from certain financial statement and information delivery requirements for registrants whose principal regulator is one of the participating jurisdictions.Registrants and their counsel are encouraged to review the press release and the text of the orders for more details.
As a result of the ongoing COVID-19 pandemic, the Alberta Securities Commission (ASC), along with the other jurisdictions of the Canadian Securities Administrators (CSA), have published two new blanket orders that provide issuers with temporary relief from certain regulatory filings and delivery obligations. The conditions of the relief are substantially the same as the temporary relief announced on March 23 (prior relief), but the relief is only applicable to issuers and investment funds with filing or delivery deadlines in the periods described below.
For investment funds, the blanket relief provides a 60-day extension for certain filing, delivery and prospectus renewal obligations normally required to be made during the period from June 2, 2020 to September 30, 2020.
For non-investment fund issuers, the blanket relief provides a 45-day extension for certain filing, delivery and base shelf prospectus renewal obligations normally required to be made during the period from June 2, 2020 to August 31, 2020.
Issuers that have already used the prior relief to extend any filing, delivery and prospectus renewal deadlines normally due on or before June 1, 2020 cannot use this relief to further extend the prior extension period.
Issuers and their counsel are encouraged to review the press release and the text of the orders for more details, including the conditions that must be complied with.
The CSA continues to monitor the impact of COVID-19 on Canadian capital markets and it would like to remind issuers of their timely reporting obligations to investors.
February 2020
The Canadian Securities Administrators, except the Ontario Securities Commission, are adopting amendments to National Instrument 81-105 Mutual Fund Sales Practices, and changes to Companion Policy 81-105CP Mutual Fund Sales Practices and Companion Policy 81-101CP Mutual Fund Prospectus Disclosure (collectively, the Amendments). The Amendments prohibit the payment by fund organizations of upfront sales commissions to dealers, which will result in the discontinuation of all forms of the deferred sales charge option including low-load options. The Amendments will come into force on June 1, 2022.
On June 20, 2016, the Canadian Securities Administrators published Staff Notice 23-316 regarding the implementation of the market share threshold. The list of protected and unprotected marketplaces is updated annually, and this notice (23-326) updates the list published on January 31, 2019. The updated list will be in effect from April 1, 2020 to March 31, 2021. We note that there are no changes compared to the list published last year