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OSC, AMF and CIRO approved first of its kind financial services platform test in Canada

OSC

March 5, 2026

For Immediate Release

TORONTO and MONTREAL ̶  The Ontario Securities Commission (OSC), the Autorité des marchés financiers (AMF) and the Canadian Investment Regulatory Organization (CIRO) provided approval to facilitate an experimental research project (Project Samara) conducted by a consortium that includes RBC Dominion Securities Inc., a member of RBC Capital Markets (RBC), RBC Investor Services Trust, the TD Securities division of the Toronto Dominion Bank, TD Securities Inc., the Bank of Canada (BoC) and Export Development Canada (EDC).

Project Samara evaluates a platform operated by RBC that uses distributed ledger technology to support end-to-end transactions throughout the bond lifecycle, including “tokenized” bond issuance by EDC, bidding, coupon payment, redemption, secondary trading, as well as the settlement of bond trades using digital representations of wholesale Canadian dollars created and managed by the BoC on the distributed ledger. The consortium will publish the key findings in a research report assessing the benefits of issuing and trading bonds using distributed ledger technology.

Project Samara highlights how the OSC, AMF and CIRO are advancing innovation in the Canadian capital markets through dedicated regulatory testing environments, including OSC LaunchPad, AMF Laboratory and CIRO’s InnovateSafe.

“Canadian securities regulators are supporting responsible innovation in the capital markets by granting novel ex emptive relief for tokenization pilots where investor protection and market integrity are appropriately addressed,” said Leslie Byberg, Executive Vice President, Strategic Regulation, OSC. “We welcome industry proposals on tokenization initiatives that leverage these regulatory testing environments to enhance the competitiveness of Canadian markets.”

There is a growing international consensus on the importance of consistent regulatory outcomes and harmonized standards to manage the risks and unlock the benefits of tokenization. Tokenization refers to the creation, issuance, or representation of assets using distributed ledger technologies. Globally, financial institutions and asset managers are launching tokenized products, while central banks and regulators are exploring new ways to support innovation while protecting investors and safeguarding financial stability.

“The regulatory platforms we provide will support the testing of novel market structures, business models and products by providing appropriate and tailored regulatory pathways to bring new platforms and products to market in Canada,” said Hugo Lacroix, Superintendent, Securities Markets and Distribution, AMF. “Canada’s regulators are committed to helping build Canadian markets for the future and supporting competitiveness.”

In addition, the Canadian Securities Administrators (CSA), the council of securities regulators of Canada’s provinces and territories, have recently launched Project Tokenization, a new theme in its CSA Collaboratory. This initiative aims to collaborate with stakeholders to examine issues arising from the use of tokenized products and their intersection with Canadian securities laws, supporting informed, coordinated responses to innovation in capital markets. The CSA invites stakeholders to express their interest in contributing to Project Tokenization by completing this survey.

About the OSC

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

About the AMF

In its role as regulator, the AMF works to maintain a financial sector that is dynamic, operates with integrity and warrants public trust. It regulates, in whole or in part, activities in the following sectors: insurance, securities and derivatives, distribution of financial products and services, deposit institutions, mortgage brokerage and credit assessment. For more information, visit the AMF website.

About the CIRO

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

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For media inquiries, please contact:

OSC
Debra Chan
Ontario Securities Commission
[email protected]

AMF
Sylvain Théberge
Autorité des marchés financiers
[email protected]

CIRO
Joanna Nicholson
Canadian Investment Regulatory Organization
[email protected]