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Multilateral Staff Notice 96-302 Variation, amendment, or revocation and replacement of Blanket Order Relief from Certain Derivatives Data Reporting Requirements under Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting

Effective December 15, 2017, the securities regulators in the participating jurisdictions of British Columbia, Alberta, Saskatchewan, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland and Labrador, Yukon, Northwest Territories, and Nunavut (the Participating Jurisdictions) announced they are each varying, amending, or revoking and replacing, in…

CSA Staff Notice 23-320 Consideration of the Markets in Financial Instruments Directive (MiFID II) Unbundling Requirements on the Regulatory Requirements in Canada

On December 14, 2017, the Canadian Securities Administrators (CSA) issued CSA Staff Notice 23-320, Consideration of the Markets in Financial Instruments Directive (MiFID II) Unbundling Requirements on the Regulatory Requirements in Canada (Staff Notice 23-320), regarding the unbundling of research inducements from trading fees under…

Canadian Securities Regulators, Investment Industry Regulatory Organization of Canada and Mutual Fund Dealers Association of Canada issue joint notice regarding the Ombudsman for Banking Services and Investments

On December 7, 2018, the Canadian Securities Administrators (CSA), the Investment Industry Regulatory Organization of Canada (IIROC), and the Mutual Fund Dealers Association of Canada (MFDA) (the regulators) jointly released CSA Staff Notice 31-351, IIROC Notice 17-0229, MFDA Bulletin #0736-M Complying with requirements regarding the…

CSA Multilateral Staff Notice 51-347: Disclosure of Cyber Security Risks and Incidents

In January 2017, the Canadian Securities Administrators (the “CSA”) published CSA Multilateral Staff Notice 51-347: Disclosure of Cyber Security Risks and Incidents (the “Staff Notice”), the findings of a review of the disclosure provided by the constituents of the S&P/TSX Composite Index regarding cyber security…

CSA Multilateral Staff Notice 58-309 – Staff Review of Women on Boards and in Executive Officer Positions – Compliance with NI 58-101 Disclosure of Corporate Governance Practices

On October 5, 2017, the participating jurisdictions of the securities regulatory authorities of all provinces with the exceptions of British Columbia and PEI (the “Participating Jurisdictions”) published a review (the Staff Notice) of disclosure regarding women on boards and in executive officer positions. The Staff…

Institutional Investors Release Declaration on Financial Risks Related to Climate Change

Pressure is continuing to grow on Canadian companies to disclose the risks associated with climate change. In late October, 2017, thirty Canadian and international financial institutions and pension funds representing approximately CAD $1.2 trillion in assets under management, issued a joint Declaration of Institutional Investors…

CSA Consultation Paper 52-404: Approach to Director and Audit Committee Member Independence

On October 26, 2017, the Canadian Securities Administrators (“CSA”) published CSA Consultation Paper 52-404, Approach to Director and Audit Committee Member Independence (“Consultation Paper”). The purpose of the Consultation Paper is to encourage a discussion regarding the CSA’s approach to determining director and audit committee…

OSC Grants Approval for First Initial Coin Offering

On October 23, 2017, the Ontario Securities Commission (“OSC”) has granted approval to the province’s first regulated Initial Coin Offering (“ICO”) in a decision (“decision”).  The OSC granted regulatory relief to Toronto-based TokenFunder Inc. (“TokenFunder”). This exempts ToeknFunder from the dealer registration requirements and allows…