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 CSA believe new or revised regulation is required, they will typically publish the proposed new documents for public comment. Proposals that are currently available for public comment:
CSA Notice and Request for Comment on National Policy 58-201 Corporate Governance Principles, National Instrument 58-101 Disclosure of Corporate Governance Practices, National Instrument 52-110 Audit Committees, Companion Policy 52-110CP and Proposed Related Consequential Amendments
The Canadian Securities Administrators (the CSA) released today a Notice and Request for Comment regarding National Policy 58-201 Corporate Governance Principles (the Proposed Governance Policy), National Instrument 58-101 Disclosure of Corporate Governance Practices (the Proposed Governance Instrument), National Instrument 52-110 Audit Committees (the Proposed Audit Committee Instrument) and Companion Policy 52-110CP (the Proposed Audit Committee Policy) and related consequential amendments (together, the Proposed Materials).
The Proposed Governance Policy contains nine broad corporate governance principles, commentary explaining those principles, and examples of corporate governance practices that can be used to achieve the objectives of the principles. The Proposed Governance Instrument contains a new set of disclosure requirements which are more general in nature (rather than being based on a model of “comply-or-explain”) and apply to both venture and non-venture issuers. The Proposed Audit Committee Instrument includes a principles-based definition of independence with guidance in the Proposed Audit Committee Policy regarding the types of relationships that could affect a director's independence. The Proposed Materials are intended to enhance the standard of governance and confidence in the Canadian capital markets.
Although the Alberta Securities Commission (the ASC) supports the objectives of the Proposed Materials, the ASC is concerned that the Proposed Materials may not substantially improve upon the current corporate governance regime and that the anticipated potential benefits associated with implementing the Proposed Materials may be outweighed by the costs associated with adjusting to, and complying with, the Proposed Materials. The ASC’s concerns and specific requests for comment are set out in both the body and Appendix A of the CSA Notice and Request for Comment.
CSA Notice and Request for Comment on National Policy 58-201 Corporate Governance Principles, National Instrument 58-101 Disclosure of Corporate Governance Practices, National Instrument 52-110 Audit Committees, Companion Policy 52-110CP and Proposed Related Consequential Amendments
View National Policy 58-201 and related documents
View National Instrument 58-101 and related documents
View National Instrument 52-110 and related documents
Published: 19 Dec 2008
Comment period expires: 20 Apr 2009
CSA Notice and Request for Comment on Proposed National Instrument 55-104 Insider Reporting Requirements and Exemptions and Proposed Related Consequential Amendments
The Canadian Securities Administrators (the CSA) released today a Notice and Request for Comment regarding Proposed National Instrument 55-104 Insider Reporting Requirements and Exemptions (the Proposed Instrument), Proposed Companion Policy 55-104 CP to National Instrument 55-104 Insider Reporting Requirements and Exemptions (the Proposed Policy), and related consequential amendments (together, the Proposed Materials).
The Proposed Instrument will set out the main insider reporting requirements and exemptions for insiders of reporting issuers. The Proposed Policy provides guidance as to how we would interpret or apply certain provisions of the Proposed Instrument. We are publishing the Proposed Materials for comment as part of an initiative to modernize, harmonize and streamline insider reporting in Canada.
CSA Notice and Request for Comment on Proposed National Instrument 55-104 Insider Reporting Requirements and Exemptions and Proposed Related Consequential Amendments
View Proposed National Instrument 55-104 and related documents
Published: 18 Dec 2008
Comment period expires: 19 March 2009
Securities Regulatory Proposals Stemming from the 2007-08 Credit Market Turmoil and its Effect on the ABCP Market in Canada
The Canadian Securities Administrators (CSA) today issued a paper titled "Securities Regulatory Proposals Stemming from the 2007-08 Credit Market Turmoil and its Effect on the ABCP Market in Canada" outlining several proposals related to the Canadian non-bank sponsored asset-backed commercial paper (ABCP) market.
Shortly after events in the international credit markets led to a seizure of the ABCP market in Canada, the CSA took a number of immediate actions, which included the formation of an ABCP working group (the "Working Group") to address securities regulatory issues stemming from the credit market events. The Working Group has recommended proposals related to a number of areas which include:
- the regulatory framework applicable to credit rating agencies as well as the use of credit ratings in securities legislation;
- the availability of the short-term debt exemption for sales of ABCP as well as reviewing other exemption criteria;
- the roles played by intermediaries with respect to ABCP; and
- certain issues relating to investments by mutual funds in ABCP.
The CSA is seeking comments on these proposals. The comment period will expire 16 February 2009.
Consultation Paper - Securities Regulatory Proposals Stemming from the 2007-08 Credit Market Turmoil and its Effect on the ABCP Market in Canada
CSA Notice Of Extension Of Comment Period on CSA Consultation Paper 11-405 – Securities Regulatory Proposals Stemming from the 2007-08 Credit Market Turmoil and its Effect on the ABCP Market in Canada
Published: 6 Oct 2008 and 28 Nov 2008
Comment period expires: 16 Feb 2009
CSA Notice 81-318 and Request for Comment on Proposed Framework 81-406 Point of Sale Disclosure for Mutual Funds and Segregated Funds
The Joint Forum of Financial Market Regulators (the Joint Forum) released today Proposed Framework 81-406 Point of Sale Disclosure for Mutual Funds and Segregated Funds (the Framework).
The Proposed Framework reflects the shared vision for a more meaningful and effective disclosure regime. It does not outline specific requirements. Rather it sets out concepts and principles agreed upon by the Canadian Securities Administrators (the CSA) and the Canadian Council of Insurance Regulators (CCIR) as members of the Joint Forum.
The CSA and the CCIR will now begin their respective processes for implementing the Framework and its principles.
CSA Notice 81-318 and Request for Comment on Proposed Framework 81-406 Point of Sale Disclosure for Mutual Funds and Segregated Funds
View Proposed Framework 81-406 and related documents
Published: 24 Oct 2008
Comment period expires: 23 Dec 2008