AMF Quebec

CSA Publishes Proposed Amendment to Insider Reporting Requirements for Investment Funds and Structured Products

The Canadian Securities Administrators (CSA) published a notice and request for comment on proposed amendments to Part 9 of National Instrument 55-104, which governs insider reporting requirements. The proposed changes would clarify the reporting regime for transactions involving investment funds and structured products such as structured notes, American Depositary Receipts, and Canadian Depositary Receipts based on securities of the reporting insider's reporting issuer. The 60-day comment period closes June 8, 2026.

CSA Report on CIRO and CIPF Oversight Activities

The Canadian Securities Administrators published a report covering oversight activities for the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund during the 2025 calendar year. The report reviews CIRO's rules consolidation, registration function operationalization, fee model amendments, new proficiency model, and response to an August 2025 cybersecurity breach. CIPF's integration of protection funds and alignment of investment policies were also reviewed. No new compliance requirements are imposed.

CSA and CIRO Guidance on Prediction Market Rules

The Canadian Securities Administrators (CSA) and Canadian Investment Regulatory Organization (CIRO) issued joint guidance reminding industry participants and investors of existing regulatory requirements governing prediction markets and event contracts. The guidance clarifies that two CIRO members are authorized to facilitate Canadian client access to event contracts on foreign prediction markets, subject to specific terms and conditions. No prediction market has been recognized as an exchange or registered as a dealer in Canada.

CSA Invites Stakeholders to Tokenization Workshops in Calgary, Toronto

The Canadian Securities Administrators (CSA) has launched Project Tokenization under its CSA Collaboratory initiative to examine tokenized financial products in the capital markets and their intersection with Canadian securities laws. The CSA is inviting stakeholders including fintechs, issuers, financial institutions, developers, and legal professionals to participate in regulatory workshops scheduled for Calgary on April 9, 2026 and Toronto on June 11, 2026. This initiative will explore opportunities and risks of tokenization through stakeholder engagement, issue mapping, and targeted research, with potential subsequent phases including a discussion paper or live testing of tokenized instruments.

Canadian Securities Regulators Launch Pilot for Semi-Annual Financial Reporting

Canadian securities regulators, through the CSA, have launched a pilot project allowing eligible venture issuers to voluntarily adopt semi-annual financial reporting. This initiative aims to reduce regulatory burden for smaller issuers while maintaining investor protection.

Canadian Securities Regulators Disrupt Over 7,500 Fraudulent Investment Websites

The Canadian Securities Administrators (CSA) announced the disruption of over 7,500 fraudulent investment websites targeting Canadians. This initiative highlights the CSA's use of regulatory and enforcement tools to combat online investment fraud and protect investors.

CSA Publishes 2025 Systemic Risk Committee Annual Report on Capital Markets

The Canadian Securities Administrators (CSA) has published its 2025 Systemic Risk Committee Annual Report on Capital Markets. The report analyzes financial market trends, emerging risks, and vulnerabilities in Canadian markets, and outlines CSA efforts to mitigate these risks.

Canadian Securities Regulators Amend Benchmark Assurance Report Requirements

Canadian securities regulators have adopted amendments to Multilateral Instrument 25-102 concerning designated benchmarks and benchmark administrators. These changes clarify assurance report requirements for independent public accountants, specifying the level of assurance, report type, and submission timing, and introduce a new requirement for certain designated benchmarks. The amendments are set to come into force on May 5, 2026.

Canadian Securities Administrators Warn of Phishing Emails

The Canadian Securities Administrators (CSA) has issued a warning to registrants regarding phishing emails impersonating the CSA. These emails are suspected to be malicious attempts to obtain personal or confidential business information. Registrants are urged to be vigilant, verify sender authenticity, and report suspicious emails.

Financial Services Platform Test Approved by OSC, AMF, CIRO

Canada's OSC, AMF, and CIRO have approved Project Samara, an experimental research project evaluating a distributed ledger technology platform for bond transactions. The project involves major financial institutions and aims to assess the benefits of tokenized bond issuance and trading.