Regulatory Developments
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 CSA believe new or revised regulation is required, they will typically publish the proposed new documents for public comment.
This icon  identifies proposals that are currently available for public comment.
February 2019
ASC Notice Amendments to ASC Rule 15 501 Rules of Practice and Procedure for Commission Proceedings
February 14, 2018
The ASC is making amendments (Amendments) to ASC Rule 15-501 Rules of Practice and Procedure for Commission Proceedings. The Amendments will remove some outdated references and create or amend provisions that will further promote the efficient use of scheduled time for hearings.
January 2019
CSA Staff Notice 23-324 Order Protection Rule: Market Share Threshold for the period April 1, 2019 to March 31, 2020
January 31, 2019
On June 20, 2016, the Canadian Securities Administrators (the CSA or we) published a notice regarding the implementation of the market share threshold. This notice updates the list of protected and unprotected marketplaces published on January 25, 2018. The updated list will be in effect from April 1, 2019 to March 31, 2020. We note that there is one change from last year. Specifically, Aequitas NEO Exchange’s lit book, NEO-L, has qualified as a marketplace that displays protected orders.
CSA Staff Notice 11-340 Extension of Comment Period CSA Staff Notice 23-323 Trading Fee Rebate Pilot Study
January 17, 2019
On December 18, 2018, the Canadian Securities Administrators (CSA or we) published for comment CSA Staff Notice and Request for Comment 23-323 Trading Fee Rebate Pilot Study, which seeks input on a proposed pilot study that would apply temporary pricing restrictions on marketplace transaction fees applicable to trading in certain securities (Proposed Pilot).
The comment period is scheduled to close on February 1, 2019. We have received feedback from stakeholders that it would be beneficial for stakeholders to have additional time to review the Proposed Pilot and prepare comments. We therefore are extending the comment period from February 1, 2019 to March 1, 2019.
December 2018
CSA Staff Notice and Request for Comment 23-323 Trading Fee Rebate Pilot Study
December 18, 2018
The Canadian Securities Administrators (CSA or we) have been considering a pilot study on the payment of trading fee rebates for many years in relation to our continued work to foster fair and efficient capital markets and confidence in capital markets. The CSA are publishing for comment a proposed Trading Fee Rebate Pilot Study that would apply temporary pricing restrictions on marketplace transaction fees applicable to trading in certain securities (Proposed Pilot). We are publishing the Proposed Pilot for a 45-day comment period to solicit views. We are seeking comment on all issues raised in this notice, including the design of the Proposed Pilot that is contained in the Design Report at Appendix A, as well as the specific questions raised within it.
The comment period will end on February 1, 2019.
ASC Notice and Request for Comment Proposed Amendments to ASC Rule 15-501 Rules of Practice and Procedure for Commission Proceedings
December 13, 2018
The ASC is publishing for a 45-day comment period proposed amendments (Proposed Amendments) to ASC Rule 15-501 Rules of Practice and Procedure for Commission Proceedings. The Proposed Amendments, if adopted, will remove some outdated references and create or amend provisions that will further promote the efficient use of scheduled time for hearings.
November 2018
CSA Staff Notice 51-356 Problematic Promotional Activities by Issuers
November 29, 2018
The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51-356 Problematic Promotional Activities by Issuers to illustrate some of the specific problems observed and to ensure that promotional activity by, or on behalf, of issuers remains balanced and not misleading. We will continue to monitor promotional activity to protect investors and the integrity of our capital markets.
ASC Notice - Blanket Order 45-520 Facilitating Access to Capital by Community Economic Development Corporations
November 22, 2018
The Alberta Securities Commission is publishing ASC Blanket Order 45-520 Facilitating Access to Capital by Community Economic Development Corporations which offers a new, limited exemption to the financial statement requirements of the offering memorandum prospectus exemption for community economic development corporations.
ASC Policy 15-602 Whistleblower Program
November 19, 2018
With the enactment of new provisions of the Alberta Securities Act and the publication of ASC Policy 15-602 Whistleblower Program, the ASC is launching its new Whistleblower Program effective immediately. Policy 15-602 outlines the intent, operation and scope of the new Securities Act amendments, describes how whistleblowers may provide tips, and sets out the key protections that are provided for whistleblowers under the Program. For a full understanding of the Program, both the new provisions in Parts 2.1 and 17.02 of the Securities Act and Policy 15-602 Whistleblower Program should be consulted.
October 2018
CSA Staff Notice 51-357 Staff Review of Reporting Issuers in the Cannabis Industry
October 10, 2018
The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51-357 Staff Review of Reporting Issuers in the Cannabis Industry which highlights CSA staff’s observations on reporting issuers’ continuous disclosure, common deficiencies and best practices.
CSA Staff Notice 45-308 (Revised) Guidance for Preparing and Filing Reports of Exempt Distribution under National Instrument 45-106 Prospectus Exemptions
October 4, 2018
The Canadian Securities Administrators (CSA) today published CSA Staff Notice 45-308 (Revised) Guidance for Preparing and Filing Reports of Exempt Distribution Under National Instrument 45-106 Prospectus Exemptions (SN 45-308).
SN 45-308 is being reissued to reflect a local change in Alberta resulting from the implementation of the repeal and replacement of ASC Rule 72-501 Distributions to Purchasers Outside Alberta which included the withdrawal of ASC Policy 45-601 Distributions Outside Alberta.
September 2018
ASC Notice and Request for Comment - Blanket Order 45-520 Facilitating Access to Capital by Community Economic Development Corporations
September 13, 2018
The Alberta Securities Commission is publishing for a 30-day comment period proposed ASC Blanket Order 45-520 Facilitating Access to Capital by Community Economic Development Corporations which proposes a new, limited exemption to the financial statement requirements of the offering memorandum prospectus exemption for community economic development corporations.
August 2018
Revocation of ASC Blanket Order 45-519 Prospectus Exemptions for Resale Outside Canada
August 31, 2018
The Alberta Securities Commission today published the order revoking ASC Blanket Order 45-519 Prospectus Exemptions for Resale Outside of Canada (ASC Blanket Order 45-519). ASC Blanket Order 45-519 provides two prospectus exemptions which are subject to an anti-avoidance provision, that allow for the resale of securities (and underlying securities) if the issuer is not a reporting issuer in any jurisdiction of Canada and if the resale is through an exchange, or a market, outside of Canada or to a person or company outside of Canada. These prospectus exemptions and anti-avoidance provision have been moved into new ASC Rule 72-501 Distributions to Purchasers Outside Alberta (ASC Rule 72-501) which becomes effective today. As a result, ASC Blanket Order 45-519 is no longer necessary.
ASC Notice of Repeal and Replacement of ASC Rule 72-501 Distributions to Purchasers Outside Alberta
August 10, 2018
The Alberta Securities Commission today published the repeal and replacement of ASC Rule 72-501 Distributions to Purchasers Outside Alberta (the New Rule) which will be effective on August 31, 2018. The New Rule provides significantly broader prospectus exemptions for distributions to purchasers outside Canada. The New Rule also provides a prospectus exemption for distributions outside Alberta into other jurisdictions of Canada under the offering memorandum exemption. In addition, the New Rule contains prospectus exemptions for the resale of securities outside of Canada if the issuer is not a reporting issuer in any jurisdiction of Canada.
July 2018
CSA Staff Notice 51-355 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2018 and March 31, 2017
July 19, 2018
The Canadian Securities Administrators (CSA) published its biennial CSA Staff Notice 51-355 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2018 and March 31, 2017 which summarizes CSA staff’s review of reporting issuers’ continuous disclosure and highlights common deficiencies and best practices.
April 2018
CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project
April 5, 2018
The Canadian Securities Administrators (CSA) have published CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project (the Notice). The Notice provides an overview of the CSA’s project to assess the current state of climate change-related disclosure in Canada, the key findings of the project, and the CSA’s plans for future work in this area.
March 2018
CSA Staff Notice 31-353 OBSI Joint Regulators Committee Annual Report for 2017
March 29, 2018
CSA Staff Notice 31-353 OBSI Joint Regulators Committee Annual Report for 2017 is published jointly by the Canadian Securities Administrators (CSA), the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). It is the fourth Annual Report of the Joint Regulators Committee (JRC) of the Ombudsman for Banking Services and Investments (OBSI). Members of the JRC are representatives from the CSA, IIROC and MFDA. The JRC and OBSI regularly meet to discuss governance and operations matters and other significant issues that could influence the effectiveness of the dispute resolution system. This notice provides an overview of the JRC, highlights matters considered and advanced by the JRC and provides an overview of a few of OBSI’s initiatives.
CSA Staff Notice 51-353 Update on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers
March 27, 2018
The Canadian Securities Administrators (CSA) have published CSA Staff Notice 51-353 Update on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (the Staff Notice). The Staff Notice provides an update on the CSA’s consultation with stakeholders with respect to a range of potential options to enhance regulatory balance for reporting issuers, and outlines the CSA’s plans for future policy work in furtherance of this objective.
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