Latest news with #CanadianSecuritiesAdministrators
Cision Canada
3 days ago
- Business
- Cision Canada
CSA announces final amendments to Multilateral Instrument 13-102 System Fees Français
TORONTO, July 10, 2025 /CNW/ - The Canadian Securities Administrators (CSA) today published in final form amendments to Multilateral Instrument 13-102 System Fees (MI 13-102). The CSA is increasing system fees for SEDAR+ and the National Registration Database (NRD) over a five-year period starting on November 28, 2025. These system fee increases are necessary to ensure sufficient funding to operate the CSA's national systems over those five years. Under the amendments the total dollar amount of system fees collected by the CSA will increase and no new system fees will be introduced. To maintain a fair and transparent cost recovery approach, the CSA uses a flat per-filing system fee model, where fees increase proportionally based on system use. The CSA published proposed amendments on November 21, 2024, and outlined changes that would better align system fee revenues with projected national systems operating costs. After carefully considering the comments received, the CSA has not made any substantive revisions to the materials that were published for comment. However, since amendments to introduce an expedited shelf prospectus regime for well-known seasoned issuers (WKSIs) are scheduled to come into force at the same time as the MI 13-102 amendments, the WKSI-related system fees have been added to the MI 13-102 amendments. Provided all required approvals are obtained, the amendments will come into force on November 28, 2025, in all participating CSA jurisdictions. The CSA, the council of the securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. For investor inquiries, please contact your local securities regulator. For media inquiries, please contact: SOURCE Canadian Securities Administrators
Cision Canada
03-07-2025
- Business
- Cision Canada
CSA issues guidance about regulatory concerns with certain asset or business acquisitions Français
VANCOUVER, BC, July 3, 2025 /CNW/ - The Canadian Securities Administrators (CSA) today published guidance about regulatory concerns with certain asset or business acquisitions – primarily taking place in venture markets – including concerns with misleading disclosure that could constitute market manipulation. The guidance relates to reporting issuers that distribute a significant number of securities to acquire assets or businesses that appear to have little or no actual value or operating history, and paying what appear to be significantly inflated prices. CSA Staff Notice 51-366 Regulatory Concerns with Certain Asset or Business Acquisitions explains the regulatory concerns with these types of acquisitions and reminds issuers of the requirements that may apply. It does not introduce any new requirements. Key regulatory concerns with these transactions include: The potential for misleading disclosure or misrepresentations in a reporting issuer's continuous disclosure record. A potential lack of a reasonable basis for the value ascribed to the asset or business being acquired. Potentially untrue or unbalanced promotional campaigns to support the acquisition. Whether a reporting issuer records all or a portion of the consideration paid as intangible assets or goodwill based on unreasonable or unsupportable assumptions, and impairs them shortly after the acquisition. Staff will continue to apply additional regulatory scrutiny to reporting issuers involved in acquisitions that appear to raise the concerns set out in the staff notice. The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact: For investor inquiries, please contact your local securities regulator.
Yahoo
26-06-2025
- Business
- Yahoo
Securities regulator proposes ending chargebacks in distribution of investment funds
TORONTO — The Canadian Securities Administrators is proposing to stop the use of chargebacks in the distribution of investment funds. The regulatory group says investment dealers sometimes receive an upfront commission or payment when their client buys securities. It says chargebacks happen when those clients redeem those securities before a fixed schedule, requiring the dealer to pay back all or part of the upfront commission or payment. The CSA says it's concerned that poses a conflict of interest as it may incentivize advisers to prioritize their own interest over that of their clients. CSA chair Stan Magidson, who also is chair and CEO of the Alberta Securities Commission, says the proposed amendments prioritize investor protection and foster fairer compensation practices. The council of the securities regulators of Canada's provinces and territories has published the proposed amendments for a 90-day comment period, which closes on Sept. 24. This report by The Canadian Press was first published June 26, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
26-06-2025
- Business
- Cision Canada
Canadian securities regulators propose prohibiting the use of chargebacks in the distribution of investment funds Français
, June 26, 2025 /CNW/ - The Canadian Securities Administrators (CSA) has published, for a 90-day comment period, proposed amendments that would prohibit the use of chargebacks in the distribution of investment funds offered by prospectus. Dealers or dealing representatives sometimes receive an upfront commission or payment when their client purchases securities. Chargebacks occur when clients redeem their securities before a fixed schedule, and the dealing representative is required to pay back all or part of the upfront commission or payment. The CSA is concerned that the use of chargebacks poses an inherent significant conflict of interest as they may incentivize advisors to prioritize their own financial interest over that of their clients. "Prohibiting the use of chargebacks in the distribution of investment fund securities can further align investment advice with a client's best interest," said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. "The proposed amendments prioritize investor protection and foster fairer compensation practices." The proposed amendments are in alignment with the 2025-2028 CSA Business Plan. Under the Business Plan, the CSA will propose and enact regulatory amendments, or other regulations, to ban chargebacks in the distribution of investment fund securities, not solely mutual funds, to improve investor protection and maintain investor confidence in Canadian capital markets. The proposed amendments are available on CSA members' websites. The comment period closes on September 24, 2025. The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact: Ilana Kelemen Canadian Securities Administrators [email protected] Julia K. Mackenzie Ontario Securities Commission [email protected] Sylvain Théberge Autorité des marchés financiers [email protected] For investor inquiries, please contact your local securities regulator
Cision Canada
19-06-2025
- Business
- Cision Canada
Canadian securities regulators launch consultation on ETF framework Français
TORONTO, June 19, 2025 /CNW/ - The Canadian Securities Administrators (CSA) today published a consultation paper on the exchange-traded fund (ETF) regulatory framework. In 2023, the CSA began reviewing ETF regulations to assess whether the current regulations applicable to ETFs remain appropriate. The review focused on the unique features of ETFs, such as secondary market trading, creation and redemption of ETF units by authorized dealers, and the underlying arbitrage mechanism of ETFs. The consultation paper proposes certain enhancements to the framework, taking into consideration a study of the Canadian ETF market conducted by the Ontario Securities Commission's Thought Leadership Division and the Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds published by the International Organization of Securities Commissions. ETFs have experienced robust growth in Canada, with assets under management reaching $518 billion by the end of 2024. Retail investors make significant use of ETFs, and the CSA expects interest and investment in ETFs to grow further. "ETFs are an increasingly important investment vehicle for Canadians, providing investors with access to a wide range of investment exposures and strategies and offering intraday liquidity," said Stan Magidson, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "This consultation will provide the CSA with important insights into the unique regulatory considerations for these products." The consultation also seeks stakeholder views on investor access to U.S. ETFs through brokerage accounts and exposure to U.S. and other foreign ETFs through publicly offered investment fund holdings. The CSA invites stakeholders to respond to the consultation paper, which is available on CSA members' websites. The comment period closes on October 17, 2025. The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact: Ilana Kelemen Canadian Securities Administrators [email protected] Julia K. Mackenzie Ontario Securities Commission [email protected] For investor inquiries, please contact your local securities regulator.
