The Canadian Securities Administrators (CSA) today published its 2025 Systemic Risk Committee Annual Report on Capital Markets – an analysis of recent financial market trends, emerging risk areas, and potential vulnerabilities in Canadian capital markets. The report also outlines some of the CSA’s efforts to mitigate those vulnerabilities and associated risks.
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Recent changes to U.S. securities law will significantly expand insider reporting obligations for directors and officers of Canadian companies that qualify as foreign private issuers (FPIs) with securities registered in the United States. These obligations will apply beginning March 18, 2026, ending a long-standing exemption relied on by many Canadian issuers. With the deadline approaching, Canadian FPIs should begin preparations now to ensure full compliance.
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We’re seeing the centre of gravity for Canadian governance shifting on many fronts. Geopolitical risk has moved to the front burner. Artificial intelligence has graduated to a board-level risk and opportunity priority, with regulators and shareholders sharpening their focus on oversight. Progress on climate and broader environment, social and governance topics is still embedded in investor expectations, while greenwashing scrutiny intensifies. Annual meeting formats and mechanics are under the microscope as authorities and shareholders press for meaningful participation in virtual and hybrid settings. And the proxy voting ecosystem is on the cusp of a major transformation fueled by artificial intelligence.
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In our outlook for the year, we expect the Canadian M&A market to continue its recovery, building on the key trends that helped spur deal activity in H2 2025.
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Shareholder activism is firmly entrenched in the Canadian corporate landscape, and Canada has proven fertile ground for dissidents. To assist both target companies and activists, we’ve prepared a concise but comprehensive overview of the key tactics and related legal issues that are fundamental to shareholder activism in Canada.
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Public Safety Canada (PSC) has released updated guidance (the Updated Guidance) under Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act (the Modern Slavery Act) that refines expectations for entities reporting under the Modern Slavery Act. The Updated Guidance introduces several important clarifications intended to support entities in preparing for the next annual reporting deadline on May 31, 2026, including offering greater clarity on PSC’s expectations for a compliant report.
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The end of the Section 16 exemption for foreign issuer directors and officers marks a major shift in SEC insider reporting. It introduces faster disclosure timelines and new transparency risks for global IR teams.
Beginning March 18, 2026, directors and officers of Canadian and other foreign private issuers (FPIs) will be required to publicly report insider holdings and transactions under Section 16(a) of the U.S. Securities Exchange Act of 1934.
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