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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identifies proposals that are currently available for public comment.
June 2025
The Canadian Securities Administrators are proposing amendments to prohibit the use of chargebacks in the distribution of investment fund securities in order to better align the interests of dealing representatives with the interests of their clients. Chargebacks involve a compensation practice where a dealing representative is paid an upfront commission, fee or compensation when a client purchases securities. Chargebacks occur when the client redeems all or part of their securities before a fixed schedule as determined by the dealer firm, and the dealing representative is required to pay back all, or part, of the upfront commission or compensation received.
The Canadian Securities Administrators (CSA) today published CSA Consultation Paper 81-409 Enhancing Exchange-Traded Fund Regulation: Proposed Approaches and Discussion. The consultation paper proposes and discusses potential enhancements to the regulatory framework for ETFs, taking into consideration a recent study of the Canadian ETF market as well as recent international recommendations. The consultation paper also seeks stakeholder feedback and views on access by Canadian investors to U.S. ETFs through brokerage accounts and exposure to U.S. and other foreign ETFs through publicly offered investment fund holdings.
The CSA invites responses to the consultation questions. The comment period closes on October 17, 2025.
The Canadian Securities Administrators (CSA) today published CSA Notice of Publication Amendments and Changes to Certain National Instruments and Policies related to the Senior Tier of the Canadian Securities Exchange, the Cboe Canada Inc. and AQSE Growth Market name changes, and Majority Voting Form of Proxy Requirements.
The amendments and changes are intended to address certain housekeeping matters and other amendments in response to the creation by the Canadian Securities Exchange of a senior tier and name changes affecting certain stock exchanges. They also codify blanket relief granted to issuers incorporated under the Canada Business Corporations Act (Canada) to accommodate “majority voting” provisions incorporated into that act in 2022.
Effective Date of Amendments: September 19, 2025.
The Canadian Securities Administrators (CSA) today published CSA Notice and Request for Comment Proposed Repeal and Replacement of National Instrument 43-101 Standards of Disclosure for Mineral Projects for a 120-day comment period (the CSA Notice).
The CSA Notice includes the proposed repeal and replacement of National Instrument 43-101 Standards of Disclosure for Mineral Projects and Form 43-101F1 Technical Report; and consequential amendments to National Instrument 44-101 Short Form Prospectus Distributions, National Instrument 44-102 Shelf Distributions, National Instrument 45-106 Prospectus Exemptions, National Instrument 51-102 Continuous Disclosure Obligations and Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets (collectively, the Proposed Amendments). In addition to the Proposed Amendments, the CSA Notice includes the proposed rescind and replacement of Companion Policy 43-101CP Standards of Disclosure for Mineral Projects and proposed changes to Companion Policy 51-105CP Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets (collectively the Proposed Changes).
The Proposed Amendments and the Proposed Changes key objective is to provide consistent, comparable and decision-useful information for investors, to address evolving disclosure practices and policy considerations, and to reflect changes in the industry and investor expectations. The Proposed Amendments and Proposed Changes are intended to also modernize and streamline Canada’s mining disclosure regime and continue to protect investors, without imposing an undue regulatory burden on market participants.
The comment period ends on October 10, 2025.
May 2025
The Canadian Securities Administrators today published Staff Notice 23-334 extending the comment period with respect to proposed amendments to National Instrument 23-101 Trading Rules (NI 23-101) and proposed changes to Companion Policy 23-101 Trading Rules (23-101CP) on lowering 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. Inter-listed Securities).
The proposals were originally published for a 60-day comment period on January 23, 2025, which ended on March 24, 2025. Stakeholders are invited to provide comments in writing on or before July 2, 2025.
The Canadian Securities Administrators (CSA) has today published a coordinated blanket order that provides relief from certain provisions of the listed issuer financing exemption to further facilitate capital raising by listed reporting issuers.
Staff of the CSA is publishing CSA Staff Notice 96-307 Frequently Asked Questions about Derivatives Trade Reporting to provide additional clarity about how certain requirements under the CSA trade reporting rules, including MI 96-101 Derivatives: Trade Reporting, as amended on July 25, 2025 should be implemented.
Simultaneously, CSA staff is publishing CSA Staff Notice 96-308 Derivatives Trade Reporting Notice of Significant Error or Omission to provide reporting counterparties with the form of notice that can be used to notify the securities regulatory authority of a significant error or omission, which requirement will be effective on July 25, 2025.
CSA Staff Notice 96-307 Frequently Asked Questions about Derivatives Trade Reporting
CSA Staff Notice 96-308 Derivatives Trade Reporting Notice of Significant Error or Omission
April 2025
The Canadian Securities Administrators today published amendments to National Instrument 81-102 Investment Funds pertaining to reporting issuer investment funds that seek to invest directly or indirectly in crypto assets (Public Crypto Asset Funds). The Amendments are intended to provide greater regulatory clarity with respect to certain matters including criteria regarding the types of crypto assets that Public Crypto Asset Funds are permitted to purchase, use or hold; restrictions on investing in crypto assets by Public Crypto Asset Funds or other types of reporting issuer investment funds; and requirements concerning custody of crypto assets held on behalf of a Public Crypto Asset Fund.
The amendments are expected to come into force on July 16, 2025.
CSA Notice Amendments to National Instrument 81-102 Investment Funds Pertaining to Crypto Assets
The Canadian Securities Administrators (CSA) has today published three coordinated blanket orders in an effort to support market participants that choose to go public, maintain a listing, and contribute to capital formation in Canada.
The Canadian Securities Administrators today published guidance for investment funds on the use of discretion under the CSA investment risk classification methodology (CSA Methodology) set out in Appendix F of National Instrument 81-102 Investment Funds. Investment fund managers are reminded that the CSA Methodology allows the use of discretion to classify a fund at a higher investment risk level than that indicated by the standard deviation calculation if it is reasonable to do so in the circumstances, and investment fund managers are encouraged to adopt policies and procedures regarding their risk classification methodology.
March 2025
CSA Position Paper 25-404 New Self-Regulatory Organization Framework established the CSA’s intention to publish an annual activities report on the CSA’s oversight of the Self Regulatory Organization (SRO) and IPF (Investor Protection Fund), for the purpose of improving transparency with the public regarding ongoing oversight activities.
This report summarizes key oversight activities of CSA staff and their assessment of CIRO and CIPF compliance with securities legislation requirements, including the terms and conditions of recognition or approval.
February 2025
The ASC is publishing this Notice of Blanket Order 96-933 on a coordinated basis with the CSA, in order to provide temporary exemptions from certain derivatives data reporting requirements regarding the unique product identifier for commodity derivatives under MI 96-101Derivatives: Trade Reporting effective on July 25, 2025.
The Alberta Securities Commission published today CSA Multilateral Discussion Paper 11-406 CSA Financial Innovation Hub Introduces Collaboratory and Data Portability Test. The discussion paper introduces the first test within the CSA’s new cohort-based testing environment, the “CSA Collaboratory” and consults with relevant stakeholders to better understand the issues around the porting or sharing of client information. This test will focus on the theme of data portability, with a particular emphasis on how it may facilitate collecting client information and the know-your-client (KYC) process. The discussion paper seeks feedback through the consultation questions, from stakeholders regarding the legal, technological and practical issues facing registrants and other market participants who may be legally required to port or share client information on request.
Comment period ends: May 19, 2025.
January 2025
The Canadian Securities Administrators today published for comment proposed amendments to National Instrument 23-101 Trading Rules (NI 23-101) and proposed changes to Companion Policy 23-101 Trading Rules (23-101CP).
The proposals are being published for a 60-day comment period to solicit feedback and, if adopted, will amend section 6.6.1 of NI 23-101 to 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. Inter-listed Securities) and make related changes to 23-101CP.
In a related initiative, on December 12, 2024, the Canadian Investment Regulatory Organization published for comment a proposal to amend the Universal Market Integrity Rules to align Canadian trading increments for U.S. Inter-listed Securities with U.S. market trading increments.
The proposals will not come into effect before related changes are implemented in the United States.
Stakeholders are invited to provide comments in writing on or before March 24, 2025.
December 2024
Today, staff of the Canadian Securities Administrators (CSA) are publishing revisions to Staff Notice 11-312 (Revised) National Numbering System (Notice). The CSA follows a system in which securities regulatory instruments are assigned numbers that indicate the type and subject matter of the instrument.
The Canadian Securities Administrators (CSA) today published CSA Staff Notice and Consultation 11-348 Applicability of Canadian Securities Laws and the use of Artificial Intelligence Systems in Capital Markets. The notice is intended to provide clarity and guidance on how securities legislation applies to the use of artificial intelligence (AI) systems by market participants. The notice also seeks stakeholder feedback through consultation questions on the evolving role of AI systems and the opportunities to tailor or modify current approaches to oversight and regulation in light of these advancements.
The comment period ends on March 31, 2025.
November 2024
The Alberta Securities Commission, together with all the other members of the Canadian Securities Administrators (CSA), today published for comment proposed amendments to the principal distributor model in the distribution of mutual funds. The proposed amendments clarify that a principal distributor may act in that capacity only for mutual funds in the same mutual fund family, and require disclosure of principal distributor arrangements and compensation to investors purchasing mutual fund securities distributed by principal distributors.
The proposal also features specific consultation questions related to the principal distributor model and requests feedback on the use of chargebacks in the distribution of mutual funds. The CSA is of the view that the use of chargebacks raises a significant conflict of interest for principal distributors in the distribution of mutual fund securities and are considering the appropriate regulatory steps.
The 90-day comment period closes on February 27, 2025.
The Alberta Securities Commission has adopted amendments to National Instrument 41-101 General Prospectus Requirements, National Instrument 81-101 Mutual Fund Prospectus Disclosure, and related Consequential Amendments and Changes pertaining to changes to the prospectus filing model for investment funds. Among other things, the amendments permit most mutual funds to file their prospectuses every other year instead of annually. The amendments ensure that investors still get the information they need to make informed decisions, while making the process more efficient. The amendments take effect on March 3, 2025.
The Alberta Securities Commission (the “ASC”) together with all the other members of the Canadian Securities Administrators (the “CSA”), except for the British Columbia Securities Commission (the “BCSC”), are publishing for a 90-day comment period proposed amendments to MI 13-102 System Fees. The proposed amendments to MI 13-102 System Fees (the “Proposed Amendments”) introduce an updated system fee regime with annual increases in system fees over a 5-year period commencing late 2025. The notice and request for comment for the Proposed Amendments describes the nature of, and the CSA’s rationale for, the Proposed Amendments, and includes a copy of the Proposed Amendments. The BCSC did not publish the Proposed Amendments for comment at this time due to the recent British Columbia election and the need for the BCSC to obtain ministerial approval prior to publishing the Proposed Amendments for comment.
CSA Notice and Request for Comment Proposed Amendments to Multilateral Instrument 13-102 System Fees
The Canadian Securities Administrators (CSA) today republished CSA Notice of Republication for Comment - Proposed Amendments and Proposed Changes to Implement an Access Model for Certain Continuous Disclosure Documents of Non-investment Fund Reporting Issuers for a 90-day comment period.
The proposed amendments and changes are intended to implement an access model for continuous disclosure documents for non-investment fund reporting issuers (the New Proposed Access Model for CD Documents). The New Proposed Access Model for CD Documents provides alternative procedures whereby access may be provided to annual financial statements, interim financial reports and related management discussion and analysis. The New Proposed Access Model for CD Documents incorporates substantive changes to the initial proposal for implementing an access model for continuous disclosure (the Initial Proposal) that was published in April, 2022. The substantive changes were made in response to comments received and in order to enhance the Initial Proposal from an investor perspective.
The comment period ends on February 17, 2025.
The Canadian Securities Administrators (CSA) are publishing CSA Staff Notice 51-365 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2024 and March 31, 2023 (Notice). This Notice outlines observations resulting from the CSA continuous disclosure review program.
October 2024
The ASC is publishing this Notice of Blanket Order 96-932 on a coordinated basis with the Canadian Securities Administrtors, in order to provide end-users with temporary exemptions from Multilateral Instrument 96-101 Trade Repositories and Derivatives Trade Reporting (MI 96-101) to enable them to benefit from certain intended reductions in regulatory burden under the Amendments to MI 96-101 without having to wait until those amendments come into force on July 25, 2025.
The Alberta Securities Commission published today CSA Multilateral Staff Notice 58-317 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions. The report outlines key findings from a recent review of public disclosure required by Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) regarding women on boards and in executive officer positions. The review was completed primarily for the purposes of identifying key trends. This is the tenth consecutive annual review of this disclosure that the CSA has conducted.
The Alberta Securities Commission published today amendments to the Alberta Securities Rules (General) (ASC Rules General). The amendments establish tariff rates in lieu of the current hourly rates applied to the calculation of costs orders by the Commission or the Executive Director following a hearing, under paragraph 20(a) of the ASC Rules General. The tariff rate will reduce inefficiencies in costs awards based on outdated hourly rates while still allowing for accountability for those who contravene Alberta securities laws and transparency for the market.
ASC Notice of Implementation of Amendments to the Alberta Securities Commission Rules (General)
The Alberta Securities Commission has recognized CNSX Markets Inc. (CNSX) as an exchange under s.62 of the Securities Act (Alberta) for the limited purpose of section 4.8 of National Instrument 62-104 Take-Over Bids and Issuer Bids. As a result of the recognition, issuers listed on the CNSX may utilize the exemption in this section to conduct a normal course issuer bid in Alberta through the facilities of the CNSX.
September 2024
On October 19, 2023, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) published CSA/CIRO Staff Notice 23-331 Request for Feedback on December 2022 SEC Market Structure Proposals and Potential Impact on Canadian Capital Markets (Staff Notice 23-331). The notice was in response to the four proposals published by the U.S. Securities and Exchange Commission (SEC) on December 14, 2022 seeking to change certain fundamental elements of U.S. market structure (SEC Proposed Amendments). Staff Notice 23-331 proactively sought comment on certain aspects of the SEC Proposed Amendments with a focus on the potential impacts on Canadian capital markets, and potential policy responses. This publication is a summary of comments received to CSA/CIRO Staff Notice 23-331.
The Alberta Securities Commission published for comment today proposed amendments to National Instrument 81-101 Mutual Funds Prospectus Disclosure, National Instrument 81-102 Investment Funds, National Instrument 81-106 Investment Fund Continuous Disclosure, National Instrument 81-107 Independent Review Committee for Investment Funds and related proposed consequential amendments and changes (collectively, the Proposed Amendments). The Proposed Amendments modernize the continuous disclosure regime for investment funds, improve the quality of disclosure provided to investors, and reduce unnecessary regulatory burden of certain current investment fund continuous disclosure requirements under securities legislation.
Comment period ends: January 17, 2025.
The Alberta Securities Commission (ASC) together with all the other members of the Canadian Securities Administrators except for the British Columbia Securities Commission (BCSC) are publishing for a 90-day comment proposed amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (National Instrument 94-101). The proposed amendments to National Instrument 94-101 (the Proposed Amendments) aim to update the list of mandatory clearable derivatives to reflect the transition to a new interest rate benchmarks regime based on overnight risk-free interest rate benchmarks. Specifically, the Proposed Amendments reflect the cessation of certain inter-bank offered rates (IBORs) and the Canadian dollar offered rate (CDOR) interest rate benchmarks. The Proposed Amendments also contemplate adding credit default swaps (CDS) referencing certain indexes as mandatory clearable derivatives. The BCSC did not publish the Proposed Amendments for comment at this time. BCSC staff anticipates doing so following the British Columbia election.
Staff of the Canadian Securities Administrators have compiled a list of frequently asked questions (FAQs) about National Instrument 93-101 Derivatives: Business Conduct, which comes into force on September 28, 2024.
August 2024
The Alberta Securities Commission (ASC) is publishing amendments (the Amendments) to Multilateral Instrument 93-101 Derivatives: Business Conduct (the Business Conduct Rule) and changes (the Changes) to the related Companion Policy to change the instrument from a Multilateral Instrument to a National Instrument. The purpose of the Amendments and Changes is to replace “Multilateral” with “National” in all applicable references in the Business Conduct Rule and in the related Companion Policy as a result of the Business Conduct Rule coming into force as a National Instrument.
ASC Notice of Amendments to Multilateral Instrument 93-101 Derivatives: Business Conduct
The Alberta Securities Commission published for comment today proposed amendments to the Alberta Securities Rules General (ASC Rules General). The proposed amendments will establish tariff rates in lieu of the current hourly rates applied to the calculation of costs orders by the Commission or the Executive Director following a hearing, under paragraph 20(a) of the ASC Rules General. The tariff rate will reduce inefficiencies in costs awards based on outdated hourly rates while still allowing for accountability for those who contravene Alberta securities laws and transparency for the market.
Comment period ends: September 15, 2024.
ASC Notice and Request for Comment Proposed Amendments to the Alberta Securities Commission Rules
The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) today published an amendment to ASC Blanket Order 45-539 Small Business Financing and FCAA General Order 45-539 Small Business Financing.
The exemption is designed to facilitate greater access to capital in Alberta and Saskatchewan by allowing businesses to raise up to $5 million from the public using a simple, streamlined offering document. The exemption has tiered offering and investment limits depending on whether financial statements are provided to investors.
The amendment removed the September 1, 2024 expiry date.
The amendment is effective as of September 1, 2024.
The Canadian Securities Administrators (CSA) today published CSA Notice and Request for Comment Proposed Amendments and Changes to Certain National Instruments and Policies related to the Senior Tier of the Canadian Securities Exchange, the Cboe Canada Inc. and AQSE Growth Market name changes, and Majority Voting Form of Proxy Requirements for a 90-day comment period.
The proposed amendments and proposed changes are intended to address certain housekeeping matters and other amendments in response to the creation by the Canadian Securities Exchange of a senior tier and name changes affecting certain stock exchanges. They also codify blanket relief granted to issuers incorporated under the Canada Business Corporations Act (Canada) to accommodate “majority voting” provisions incorporated into that act in 2022.
The comment period ends on October 30, 2024.
July 2024
The ASC, together with the securities regulatory authorities of British Columbia, Saskatchewan, New Brunswick, Nova Scotia and other applicable jurisdictions (the multilateral jurisdictions) of the Canadian Securities Administrators (CSA) are publishing the Multilateral Notice of Publication of Amendments (the Trade Reporting Amendments) to Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting (the Trade Reporting Rule). The Trade Reporting Amendments will streamline and improve the quality of data reporting under the Trade Reporting Rule. The CSA are of the view that these amendments will minimize the regulatory burden for market participants that report transactions globally, as the data elements they will have to report under the Trade Reporting Rule will be aligned with recently-revised international data elements. Similarly, these amendments will minimize the regulatory burden for recognized trade repositories, as the data elements that they collect, and the updated governance, risk and operational requirements that apply to them, will more closely correspond with international standards. The Trade Reporting Amendments come into effect on July 25, 2025.
The CSA is publishing this Notice of Blanket Order 93-930, which will provide temporary exemptions for derivatives firms from certain obligations when transacting with certain investment funds, and for senior derivatives managers from certain reporting obligations in 2024.
June 2024
Certain multilateral CSA jurisdictions are publishing this notice to increase awareness of the CDOR cessation on June 28, 2024 and of the need for market participants to make alternate arrangements if their loans, securities or derivatives are affected by the transition.
ASC Notice 33-706 (Revised) Policy and Procedures Manual – Reference Resource for Exempt Market Dealers (ASCN 33-706) has been compiled and is updated intermittently for the purpose of collecting information useful to exempt market dealer operations in one easy-to-find location. An effective and updated policy and procedures manual is critical to a firm’s compliance success. ASCN 33-706 ensures that firms have access to a current resource that they can use when updating their PPM and to assist new registrants in drafting their PPM.
ASC Notice 33-706 Policy and Procedures Manual – Reference Resource for Exempt Market Dealers
May 2024
The Canadian Securities Administrators (CSA) today published for comment proposed amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators and proposed changes to Companion Policy 25-102 Designated Benchmarks and Benchmark Administrators.
The proposals are intended to address technical issues encountered by accounting firms that were engaged to prepare assurance reports in 2022 for Refinitiv Benchmark Services (UK) Limited, as the designated benchmark administrator of the Canadian Dollar Offered Rate (CDOR), and the six Canadian banks that are benchmark contributors to CDOR.
In addition, the proposals include assurance report requirements that would apply to any designated benchmark that is not a designated commodity benchmark, a designated critical benchmark or a designated interest rate benchmark (e.g., if a securities regulatory authority were to designate a crypto asset benchmark that is not a commodity benchmark or a term rate benchmark that is not an interest rate benchmark).
Stakeholders are invited to provide comments in writing on or before August 28, 2024.
The Canadian Securities Administrators (CSA) today published final amendments to National Instrument 81-102 Investment Funds and changes to Companion Policy 81-102 Investment Funds that will help mutual funds that voluntarily shorten their trade settlement cycles from two trading days to one (T+1), following the transition by North American securities markets to T+1 settlement this month.
The amendments accommodate a range of settlement cycles for mutual funds, including those switching to T+1. This includes amendments that clarify payment dates for transactions and the timeframe for forced redemption of securities for non-payment. For funds moving to T+1, the timeframe for forced redemption of securities for non-payment changes from three days to two days after the pricing date.
The amendments come into force on August 31, 2024.