The Canadian Securities Administrators has launched a broad 120-day consultation that could lead to significant changes to the regulatory framework for Canadian reporting issuers. The focus is on reducing regulatory burdens, facilitating capital formation and improving market competitiveness, while maintaining investor protection.
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On July 23, 2026, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 45-106 – Prospectus Exemptions (NI 45-106) and certain other forms and policies (collectively, Proposed Amendments), to codify the enhanced capital-raising flexibility under the listed issuer financing exemption (Exemption) and to streamline certain other conditions of the Exemption.
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The Canadian Securities Administrators (CSA) published Staff Notice 33-322 – Review of Registered Firms’ Cybersecurity Practices and Additional Guidance (the Staff Notice) on July 15, 2026, following a focused review of 73 registered firms’ cybersecurity practices. The message is not especially surprising: cybersecurity is a core business risk, and registered firms are expected to have practical, documented and regularly refreshed controls that fit their size, complexity and operations.
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"Governance around AI is probably going to be the most important thing in investor relations over the next two years,” Diligent’s editor-in-chief told ESG Dive.
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On July 16, 2026, the Canadian Securities Administrators (the CSA) published CSA Consultation Paper 51-406 — Modernizing the Regulation of Public Companies (the Consultation Paper) which requests stakeholder input on potential ways to modernize five key areas of Canadian securities legislation relating to reporting issuers: (1) proportionate regulation regarding venture and non-venture issuers; (2) alternative financial reporting requirements for venture issuers; (3) hold periods for private placements by reporting issuers and the potential introduction of a new prospectus exemption for reporting issuers distributing securities to qualified institutional purchasers (QIPs); (4) material change reporting; and (5) regulatory developments in the United States. The Consultation Paper also invites general feedback on whether there are other changes or initiatives to improve the efficiency of capital markets and assist reporting issuers gain access to capital while simultaneously balancing investor protection. The Consultation Paper is open for a 120-day comment period ending on November 13, 2026.
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