The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have jointly published CSA/CIRO Staff Notice 23-331 Request for Feedback on December 2022 SEC Market Structure Proposals and Potential Impact on Canadian Capital Markets (The Staff Notice) for a 90-day comment period ending December, 4th 2023.
On December 14th 2022, the United States Securities and Exchange Commission (SEC) published for comment four proposals to significantly change certain fundamental elements of the U.S. market structure (the SEC Proposed Amendments). The comment period closed on March 31st 2023.
The CSA and the CIRO are reviewing the SEC’s Proposed Amendments. They are considering their impact on the structure of the Canadian equity markets should the SEC adopt any or all of them in any form. The regulators are publishing this notice to solicit views and to seek comment on certain aspects of the SEC Proposed Amendments, with a focus on the potential impacts on Canadian capital markets, including, to the extent it can be estimated, compliance costs and the potential policy responses. Neither the CSA nor CIRO is proposing any changes to the regulatory framework in Canada at this time. Any proposed changes resulting from this consultation will be published for comment in the normal course.
Both regulators welcome input from interested stakeholders up to the December 4th deadline.
CSA/CIRO Staff Notice 23-331 Request for Feedback on December 2022 SEC Market Structure Proposals and Potential Impact on Canadian Capital Markets is available for download from the websites of member jurisdictions of the Canadian Securities Administrators.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.