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.
CSA Notice and Request for Comment – Proposed Amendments to NI 24-102 and 24-102CP
October 18, 2018
The Canadian Securities Administrators today published for comment a notice outlining proposed amendments to National Instrument 24-102 Clearing Agency Requirements and proposed changes to Companion Policy 24-102 Clearing Agency Requirements which seek to enhance operational system requirements, align aspects of National Instrument 24-102 more closely with similar provisions in National Instrument 21-101 Marketplace Operation, and reflect latest developments and findings of the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions with relevance for the Canadian market.
The comment period ends: January 16, 2018.
Market Disruption Coordination Plan
CSA Staff Notice 11-338 CSA
October 18, 2018
The Canadian Securities Administrators (the CSA or we) are publishing CSA Staff Notice 11-338 CSA Market Disruption Coordination Plan (the Notice) to inform the public about the CSA’s coordination process to address a market disruption, including one that stems from a large-scale cybersecurity incident.
The Notice reiterates the obligations of market participants with respect to market disruption incidents, including notification requirements to regulators and dissemination of information to the public. The Notice also provides a description of the role of authorities in a market disruption situation if fair and orderly markets have been compromised.
Staff Review of Reporting Issuers in the Cannabis Industry
CSA Staff Notice 51-357
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 Notice of Amendments Modernization of Investment Fund Product Regulation – Alternative Mutual Funds
October 4, 2018
The Canadian Securities Administrators (CSA) today published amendments that establish a comprehensive framework for alternative mutual funds (currently called commodity pools) and streamline the regulation of non-redeemable investment funds. The amendments rename “commodity pools” as “alternative mutual funds” and streamline the regulatory regime governing these products by moving most of the regulatory framework in National Instrument 81-104 Commodity Pools into National Instrument 81-102 Investment Funds. The amendments also update the investment restrictions for alternative mutual funds to allow greater flexibility with investing strategies, with a focus on strategies typically associated with “liquid alternatives”. Similar investment restrictions are also being introduced for non-redeemable investment funds. The amendments also include changes that will codify certain routine exemptive relief granted to mutual funds.
Subject to Ministerial approvals in some jurisdictions, the amendments and related changes are expected to come into effect on January 3, 2019.
Guidance for Preparing and Filing Reports of Exempt Distribution under National Instrument 45-106 Prospectus Exemptions
CSA Staff Notice 45-308 (Revised)
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.
Facilitating Access to Capital by Community Economic Development Corporations
ASC Notice and Request for Comment - Blanket Order 45-520
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.
Mutual Fund Sales Practices and Related Consequential Amendments
Request for Comment Proposed Amendments to National Instrument 81-105
September 13, 2018
The Canadian Securities Administrators today published for comment a notice outlining proposed amendments that would prohibit investment fund managers from paying upfront sales commissions to dealers and trailing commissions to dealers who do not make a suitability determination.
The comment period ends: December 13, 2018.
Non-GAAP and Other Financial Measures Disclosure and Related CP and Related Proposed Consequential Amendments and Changes
Request for Comment Proposed NI 52-112
September 6, 2018
The Canadian Securities Administrators (CSA) published for a 90-day comment period Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure, and related proposed companion policy and consequential amendments (the Proposed Instrument). When implemented, the Proposed Instrument will provide authoritative Canadian securities legislative requirements for issuers when they disclose non-GAAP and other financial measures, and aims to improve the quality of information provided to investors.
The Proposed Instrument would replace Staff Notice 52-306 (Revised) Non-GAAP Financial Measures and:
• relates to the disclosure of financial measures (including ratios) that are non-GAAP financial measures, segment measures, capital management measures and supplementary financial measures, as defined in the Proposed Instrument;
• refers to all documents (e.g., Management’s Discussion and Analysis, news releases, the Annual Information Form, prospectuses etc.) including other written communications in websites or social media; and
• includes an updated definition of a non-GAAP financial measure which builds upon and incorporates the disclosure guidance in Staff Notice 52-306.
The comment period ends: December 5, 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.
Distributions to Purchasers Outside Alberta
ASC Notice of Repeal and Replacement of ASC Rule 72-501
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.
Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2018 and March 31, 2017
CSA Staff Notice 51-355
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.
CSA Notice and Request for Comment Proposed Amendments to NI 31-103 and 31-103 CP
June 21, 2018
The Canadian Securities Administrators (the CSA or we) are publishing for a 120-day comment period proposed amendments (the Proposed 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). We are proposing amendments to the registrant conduct provisions in the Instrument in order to better align the interests of securities advisers, dealers and representatives (registrants) with the interests of their clients, to improve outcomes for clients, and to make clearer to clients the nature and the terms of their relationship with registrants. We are also proposing technical, non-substantive consistency changes to the Instrument.
The comment period ends: October 19, 2018.
Report on Climate change-related Disclosure Project
CSA Staff Notice 51-354
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.
OBSI Joint Regulators Committee Annual Report for 2017
CSA Staff Notice 31-353
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.
Update on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers
CSA Staff Notice 51-353
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.