Securities & Investments

CSA Launches Semi-Annual Reporting Pilot for Venture Issuers

The Canadian Securities Administrators announced adoption of the Semi-Annual Reporting (SAR) Pilot, permitting eligible venture issuers listed on TSX Venture Exchange or CSE to file semi-annual reports instead of quarterly reports under National Instrument 51-102. The pilot operates via Coordinated Blanket Order 51-933. The CSA indicated the pilot reduces regulatory burden for smaller venture issuers while maintaining investor protection.

CSA Invites Stakeholders to Participate in Project Tokenization Workshops

The Canadian Securities Administrators (CSA) has launched Project Tokenization to examine the potential for tokenized financial products in Canada's capital markets. The initiative invites stakeholders including fintechs, issuers, financial institutions, developers, custodians, marketplaces, and clearing agencies to participate in workshops to explore opportunities and risks of tokenization and distributed ledger technology within securities regulation. The CSA Collaboratory will engage stakeholders through workshops in Calgary on April 9, 2026 and Toronto on June 11, 2026.

CSA Publishes CIRO, CIPF Oversight Report

The Canadian Securities Administrators (CSA) published Staff Notice 25-315 summarizing key oversight activities for the Canadian Investment Regulatory Organization (CIRO) and Canadian Investor Protection Fund (CIPF) during the 2025 calendar year. For CIRO, the CSA reviewed rules consolidation, delegated registration functions, Dealer Member Fee Model amendments, the new proficiency model for investment dealers, and response to the August 2025 cybersecurity breach. For CIPF, activities included integration of two protection funds, investment policy alignment, and assessment of a credit-risk based fund model.

CSA and CIRO Remind Industry of Prediction Market and Event Contract Rules

The Canadian Securities Administrators (CSA) and Canadian Investment Regulatory Organization (CIRO) issued a joint notice reminding industry participants and investors that trading or facilitating trading in prediction market event contracts that constitute securities or derivatives requires compliance with applicable registration, recognition, and other requirements under Canadian securities and derivatives legislation. Two CIRO members have been authorized to facilitate Canadian client access to event contracts on foreign prediction markets under specific terms and conditions. No prediction market has yet been recognized as an exchange or registered as a dealer in Canada.

CSA Proposes Amendment to NI 55-104 Insider Reporting Requirements for Investment Funds and Structured Products

The Canadian Securities Administrators (CSA) published a proposed amendment to Part 9 of National Instrument 55-104 Insider Reporting Requirements and Exemptions on April 9, 2026. The proposed amendment is intended to clarify insider reporting requirements applicable to transactions involving investment funds and structured products, including structured notes, American Depositary Receipts, and Canadian Depositary Receipts that are based on securities of the reporting insider's reporting issuer. The 60-day comment period closes June 8, 2026.