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Canadian securities regulators encourage investors to look out for ETF Facts
by FCNB on 

The Canadian Securities Administrators (CSA) today launched an awareness campaign encouraging investors to read the Exchange-Traded Funds (ETF) Facts they receive from their dealers when they invest in an ETF, an investment fund that trades like a stock but may hold a diversified portfolio of investments.

Effective December 10, 2018, dealers will be required to deliver the ETF Facts to investors who purchase ETF securities. The ETF Facts will provide investors with key information about an ETF in an accessible, easy-to-understand format, including potential benefits, risks and costs of investing in an ETF.

“Reviewing the ETF Facts helps investors have informed conversations with their registered investment advisors about their ETF investments, for example how an ETF would fit within their portfolio or how certain features of an ETF, such as its fees and expenses, compare to other ETFs,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.

The campaign includes a new webpage and interactive ETF Facts sample highlighting information investors can expect from the ETF Facts, such as fund performance, management expense ratio (MER), fund holdings and more. There are also brief ETF Facts explainer videos on YouTube.

Investors can also consult the ETF Facts on the website of the company offering the fund, or simply ask their investment advisor for a copy.

The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.


For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045
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Canadian securities regulators issue guidance regarding disruption of mail service
by FCNB on 

In light of the possibility of a Canada-wide rotating postal strike starting Monday, October 22, 2018, the Canadian Securities Administrators (CSA) recommends that all stakeholders required to deliver materials to any CSA member, as well as deliver documents to security holders, contact their local securities regulator or visit their local regulator’s website for guidance regarding prescribed delivery obligations.


The CSA also recommends that stakeholders regularly verify updates regarding the rotating postal strike within their own provinces, territories and/or districts, as service interruptions may vary from region to region.


The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.


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For more information:
Sara Wilson
Financial and Consumer Services Commission

506-643-7045



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Canadian securities regulators publish details of market disruption coordination process
by FCNB on 


The Canadian Securities Administrators (CSA) today published Staff Notice 11-338 CSA Market Disruption Coordination Plan to inform market participants about the CSA’s coordination process to address a market disruption, including one that may stem from a large-scale cybersecurity incident.

“Ensuring that fair, efficient and orderly markets are not compromised has guided the preparation of these procedures” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “We are reminding market participants of the CSA’s expectations and requirements, particularly given the increased frequency of data breaches and cybersecurity incidents and their potential to disrupt markets.”

The Notice provides a description of the main features of the CSA procedures and the role regulated entities and authorities have in responding to, and coordinating in the event of, a market disruption. It also clarifies the obligations of regulated entities, including notification requirements to regulators and dissemination of information to the public.

The CSA will continue to monitor developments in incident management practices and will take steps where appropriate to integrate incident management and cybersecurity related activities into its work and to interact with market participants and other stakeholders.

The Notice can be found on CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators publish guidance on disclosure expectations for cannabis issuers
by FCNB on 


The Canadian Securities Administrators (CSA) today published Staff Notice 51-357 Staff Review of Reporting Issuers in the Cannabis Industry, which summarizes CSA staff’s review of 70 reporting issuers’ (issuers) continuous disclosure, and highlights common deficiencies and best practices.

“Given the significant growth and interest in the cannabis industry, it is imperative that investors be provided with transparent information about issuers’ financial performance and risks related to their operations,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Our review shows that the quality of disclosure in this area needs to be enhanced, and we encourage cannabis issuers to use this publication as a guide to make improvements.”

The CSA will continue to monitor and assess disclosure practices in the cannabis industry in its continuous disclosure and prospectus review programs.

The notice can be found on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators publish amendments to finalize Alternative Mutual Funds Framework
by FCNB on 


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.

“These amendments mark a new phase in the CSA’s efforts to modernize the regulation of publicly offered investment funds, while maintaining appropriate investor protection measures,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.

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”. These include increased concentration limits, more flexibility for fund-of-fund investing, an increased ability to borrow cash for investing purposes, and increased flexibility to short-sell and around the use of derivatives, amongst others. The changes also simplify the prospectus requirements for alternative mutual funds by fully bringing them within the prospectus disclosure regime applicable to other mutual funds. 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, the amendments and related changes are expected to come into effect on January 3, 2019.

These amendments are part of a multi-year initiative by the CSA to streamline regulation that applies to publicly offered investment funds.The notice can be found on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

- 30 -

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators highlight cross-country activities for Investor Education Month and World Investor Week
by FCNB on 


The Canadian Securities Administrators (CSA) will mark Investor Education Month this October with a variety of activities designed to help investors achieve a greater understanding of how to grow and protect their investments. The CSA and its members are also supporting World Investor Week, an initiative of the International Organization of Securities Commissions (IOSCO), which takes place from October 1-7.

“Securities regulators around the world are committed to building investor confidence and participating in World Investor Week helps promote investor education and protection both locally and globally,” said Tyler Fleming, Director of the Investor Office at the Ontario Securities Commission (OSC) and a Canadian national co-ordinator for World Investor Week.

“The CSA is hosting investor education initiatives in October to build investor knowledge and support the global campaign to raise awareness about the importance of investor education and protection,” added Camille Beaudoin, Director of Financial Education at the Autorité des marchés financiers (AMF), also a Canadian national co-ordinator for World Investor Week.

Investor Education Month is an initiative of the CSA that aims to highlight the importance of investor education and provide Canadians with helpful information on investing.

Individual jurisdictions across Canada have activities throughout the month as part of both World Investor Week and Investor Education Month. These include:

British Columbia: The British Columbia Securities Commission (BCSC) is releasing new research on millennials in October along with new tools and calculators to better help people understand their investment returns. In addition, the BCSC will be making a number of design updates to InvestRight.org to improve user experience.

Alberta: The Alberta Securities Commission (ASC) is launching a new digital investor education campaign, “Spot the Odd,” in October as part of its larger outreach strategy designed to raise awareness of the ASC’s free tools and resources to help investors increase their financial literacy and protect themselves against investment fraud.  As part of this strategy, the ASC will engage with professionals, investors and the general public through a variety of events and activities across the province, including hosting a “Don’t Get Tricked” (by investment fraud) event in Calgary on October 17.  In addition to receiving financial literacy materials, individuals will be encouraged to visit the ASC’s consumer website, Checkfirst.ca for additional resources.   

Saskatchewan: The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) will be launching a cryptocurrency campaign on Facebook, Twitter, FCAA’s website, and Youtube. Investors will learn about what cryptocurrency is, the risks involved, and how they can protect themselves. Businesses looking to get involved with cryptocurrency will also be encouraged to contact FCAA to discuss their project and find out if it falls under securities legislation.

Manitoba: The Manitoba Securities Commission (MSC) will be formally launching its moneysmartmanitoba.ca website, a new made-in-Manitoba platform to promote and improve financial literacy and financial planning concepts within the province. In addition, MSC will be tweeting investor education news, tips, and strategies throughout the week.

Ontario: The OSC will host several events as part of World Investor Week and Investor Education Month. Investors can follow social media chats on Twitter and Facebook with the hashtag #IEM2018 as well as visit GetSmarterAboutMoney.ca for resources. The OSC will also hold a telephone townhall on October 10 on investing and investment fraud protection, host several OSC in the Community events and educate investors through its popular Investor News newsletter.

Québec: The AMF will launch celebrations of World Investor Week by releasing results of the fourth AMF Québec Financial Awareness Index. The main objective of the Index is to measure Québeckers’ knowledge (perception of usefulness) and adoption of vigilant behaviours in the use of financial products and services. The data collected will guide the AMF when implementing awareness campaigns. The AMF will also promote the third edition of its Talking money in class! contest for high school teachers and take part in the Québec Seniors' Fair.

New Brunswick: The Financial and Consumer Services Commission (FCNB) will be sharing information about investing online, particularly when it comes to investing in risky initial coin offerings (ICOs). Investors can visit fcnb.ca for information and resources about investing, and follow us on Facebook and Twitter throughout October for tips on avoiding investment fraud. FCNB will also be encouraging New Brunswickers to play its Fortune online trivia game by taking the Investor Challenge and competing against players across the province. Players can log onto fortune.fcnb.ca between October 1-31 for the opportunity to increase their investment knowledge and the chance to win prizes.

In addition, the CSA will continue promoting investor tools and resources available at https://www.securities-administrators.ca/.

Investors can stay informed of the latest investor tips, news and developments during Investor Education Month and World Investor Week by following @CSA_News on Twitter and @CSA.ACVM on Facebook.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators release fourth review regarding women on boards and executive officer positions
by FCNB on 


Securities regulatory authorities in Alberta, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan (the participating jurisdictions) today published CSA Multilateral Staff Notice 58-310 Report on Fourth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions.

This is the fourth review since 2015 by participating jurisdictions of the Canadian Securities Administrators (CSA) following the implementation of disclosure requirements set out in National Instrument 58-101 Disclosure of Corporate Governance Practices regarding the representation of women on boards and in executive officer positions. The notice summarizes results from a review of 648 issuers that had year-ends between December 31, 2017 and March 31, 2018.

Key trends outlined in this year’s review include:
  • The total percentage of board seats held by women increased to 15 per cent in 2018 from 11 per cent in 2015.
  • When board seats became available and were filled, nearly three in 10 were filled by women.
  • The number of issuers with at least one woman on their board increased to 66 per cent in 2018, from 49 per cent in 2015.
  • 42 per cent of issuers had adopted a policy on identifying and nominating women directors in 2018, representing an almost three-fold increase since 2015.
  • Issuers that adopted targets for the representation of women on their boards increased to 16 per cent in 2018 from 7 per cent in 2015.
  • The number of issuers with at least one woman in executive officer positions increased to 66 per cent in 2018, from 60 per cent in 2015.

“Completing and publishing this review supports our ongoing focus on ensuring that information that investors use to make investment and voting decisions is readily available,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.
The CSA intends to publish the underlying data from this review later this fall.

The notice can be found on the websites of the participating jurisdictions.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators announce agreement with Kx to deliver advanced post-trade analysis
by FCNB on 


The Canadian Securities Administrators (CSA) today announced that it has selected Kx, a division of First Derivatives plc, to build and manage a next-generation market analytics platform designed to identify, assess and investigate potential market abuse cases.

The new Market Analysis Platform (MAP), which will replace the current CSA system, will capture a broad array of market and transaction data to improve insight and support market integrity.

“Our agreement with Kx will help strengthen our data examination capabilities and enable us to identify any irregularities that may require further investigation,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “With the insights we collect from the MAP, all jurisdictions of the CSA will have a consolidated view of the activity taking place across markets.”

Kx was selected following a public bidding process. The agreement is a multi-year contract, effective immediately. The project will take place in several stages.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Kx is a division of First Derivatives plc, a global technology provider with 20 years of experience working with some of the world’s largest finance, technology, retail, pharma, manufacturing and energy institutions.

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For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators propose rules to prohibit certain embedded commissions
by FCNB on 


Proposed amendments would discontinue the deferred sales charge (DSC) option and trailing commissions to dealers who do not make a suitability determination 

The Canadian Securities Administrators (CSA) 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, such as order-execution-only dealers. These changes would result in the discontinuation of all forms of the deferred sales charge option (the DSC option), and more transparent fees on the discount brokerage channel.

"These proposed amendments, together with enhanced registrant conduct requirements proposed under our Client Focused Reforms, comprise the CSA's policy response to the investor protection and market efficiency concerns examined in our consultations on embedded commissions," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.

The proposed changes will eliminate a compensation conflict inherent in the DSC option that has given rise to investor protection concerns. The CSA expects that the prohibition of upfront sales commission payments by investment fund managers to dealers will eliminate the need for charging redemption fees to investors, effectively discontinuing the DSC option. Further to this change, dealers would be required to negotiate with, and charge directly to, clients any upfront sales commissions for mutual fund purchases. Similarly, the prohibition of trailing commission payments to dealers who do not make suitability determinations would require such dealers to charge investors directly for services.

The CSA is also proposing to eliminate certain disclosure requirements in the simplified prospectus form, in the Fund Facts document and under dealer disclosure rules since these would no longer be necessary when the DSC option is discontinued.

These proposed amendments follow the June 21, 2018 publication of the CSA’s policy decision on embedded commissions and its proposed Client Focused Reforms.  Under proposed enhanced conflict of interest rules in the Client Focused Reforms, all embedded commissions would be considered conflicts that must be addressed in the best interests of clients or avoided.

The proposed amendments are available on CSA members' websites. The 90-day comment period will close on December 13, 2018.
Details regarding in-person consultations will be announced separately by individual 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.

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For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators propose rule regarding non-GAAP and other financial measures
by FCNB on 


The Canadian Securities Administrators (CSA) today published for comment Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (the Proposed Instrument), which establishes disclosure requirements for issuers that disclose non-GAAP and other financial measures. These measures often lack standardized meanings, resulting in potentially misleading or confusing disclosure. 

“We are proposing clear and comprehensive requirements for the presentation of non-GAAP and other financial measures in a manner that meets investors’ needs for quality information,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.  “These requirements would also provide CSA Staff with a stronger tool to take appropriate regulatory action, when warranted.”

When implemented, the Proposed Instrument will provide authoritative Canadian securities legislative requirements for issuers when they disclose non-GAAP and other financial measures. The Proposed Instrument would replace Staff Notice 52-306 (Revised) Non-GAAP Financial Measures, which provided guidance to help ensure such disclosure is not misleading. Staff Notice 52-306 was issued in 2003 and updated several times subsequently to respond to changing circumstances.

Additionally, the Proposed Instrument:

  • 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.

Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure and related documents are available on CSA members’ websites. Comments should be submitted in writing by December 5, 2018.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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