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Securities Regulation Canada Canadian Securities Administration

Stikeman Elliott LLP

CSA Release Three-Year Business Plan

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On June 26, 2025, the Canadian Securities Administrators (“CSA”) published their 2025-2028 business plan (the “Plan”), which sets out the priorities that the CSA have committed to pursuing over the next three years....more

Bennett Jones LLP

TSX Venture Exchange Updates Escrow Policy for New Listings

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The TSX Venture Exchange (TSXV) has announced updates to its policy on escrow and resale restrictions. The immediately effective updates amended and renamed Policy 5.4 – Capital Structure, Escrow and Resale Restrictions (New...more

Stikeman Elliott LLP

Coming Soon: Amendments to Canada’s OTC Derivatives Trade Reporting Regime

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The Canadian Securities Administrators (“CSA”) have released several updates in the last year to Canada’s trade reporting regime for over-the-counter (“OTC”) derivatives. In July 2024, all members of the CSA published final...more

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Canada Pauses Mandatory Climate Disclosure Rules

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Recently, the Canadian Securities Administrators (the umbrella organization of Canada's provincial securities regulators) announced that it would pause the development of certain sustainability reporting initiatives,...more

Stikeman Elliott LLP

CSA Bring the Markets Back to LIFE

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In connection with the Canadian Securities Administrators’ (“CSA”) recent measures to support the competitiveness of Canada’s capital markets, the CSA have announced an increase to the amount of funds that may be raised under...more

Bennett Jones LLP

CSA Significantly Increases the Capital-Raising Limit Under the Listed Issuer Financing Exemption

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On May 14, 2025, the Canadian Securities Administrators (CSA) announced Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, a change that will significantly increase...more

Bennett Jones LLP

CSA Announces Pause on Climate-Related and Diversity-Related Disclosure Projects in Response to Global Market Uncertainty

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The Canadian Securities Administrators (CSA) has announced a pause to its work on developing new mandatory climate-related disclosures and amending diversity-related disclosure requirements, in light of recent significant...more

Davies Ward Phillips & Vineberg LLP

Disclosure Interrupted: CSA Pauses Climate and Diversity Disclosure Rules

The Canadian Securities Administrators (CSA) is pausing its work on climate-related and diversity-related disclosure rules in order “to support Canadian markets and issuers as they adapt to the recent developments in the U.S....more

Blake, Cassels & Graydon LLP

CSA Blanket Orders Aim to Warm Up Canadian Capital Markets

Amid continuing market uncertainty that has seen a slowdown of Canadian initial public offerings (IPOs) during the first quarter of 2025, the Canadian Securities Administrators (CSA) has published a series of coordinated...more

Stikeman Elliott LLP

CSA Announce Measures to Support Canadian Markets and Issuers

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The Canadian Securities Administrators (“CSA”) recently announced measures to support the competitiveness of Canadian capital markets in response to the current uncertainty in global markets. The measures are being...more

Bennett Jones LLP

Canadian Securities Regulators Take Further Incremental Steps to Promote Access to Capital Markets

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Against the current backdrop of global market uncertainty, on April 17, 2025, the Canadian Securities Administrators (CSA) announced new incremental measures aimed at reducing regulatory burden for reporting issuers,...more

Blake, Cassels & Graydon LLP

Fusions et acquisitions au Canada : Foire aux questions sur les F&A de sociétés ouvertes

Notre brochure Foire aux questions répond aux questions courantes au sujet de la réglementation des F&A de sociétés ouvertes. Cette ressource complète traite de sujets clés et contient de l’information essentielle pour vous...more

Dorsey & Whitney LLP

EDGAR Next is Live - What Canadian Issuers Need to Know

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The SEC has updated the EDGAR system’s login, password, and access protocols which will affect Canadian SEC reporting companies and other individuals and entities with EDGAR filing codes, including non-reporting companies...more

Bennett Jones LLP

It All Comes Out in the Wash: Regulatory Action on AI Washing Ramps Up

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Securities-related regulatory action regarding “AI washing” has been increasing in the United States, serving as a warning of potential future developments in Canada. AI washing, as defined by the Canadian Securities...more

Stikeman Elliott LLP

Extension of SEDAR+ Filing Exemption for Foreign Issuer Private Placements

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Certain members of the Canadian Securities Administrators (“CSA”) have extended the temporary exemption from the requirement to transmit a Form 45-106F1 Report of Exempt Distribution (“Report of Exempt Distribution”) and...more

Blake, Cassels & Graydon LLP

Canadian Sustainability Standards Board Publishes Inaugural Sustainability Disclosure Standards

On December 18, 2024, the Canadian Sustainability Standards Board (CSSB), which has been working since June 2023 to advance the adoption of sustainability standards in Canada, released its inaugural Canadian Sustainability...more

Bennett Jones LLP

Canadian Securities Administrators Issue Notice on Use of Artificial Intelligence

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On December 5, 2024, the Canadian Securities Administrators (CSA) published CSA Staff Notice and Consultation 11-348: Applicability of Canadian Securities Laws and the use of Artificial Intelligence Systems in Capital Markets...more

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Ontario Tribunal Refines Public Interest Test in Cease Trade Decision on Shareholder Rights Plans

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On November 19, 2024, the Ontario Capital Markets Tribunal (Tribunal) released its reasons for its July 2024 decision granting an application by Riot Platforms, Inc. (Riot) to cease trade a shareholder rights plan (Plan)...more

Dorsey & Whitney LLP

Comparison of Canadian and U.S. Securities Laws

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Last month, I was invited to speak to the Canadian Securities Administrators, focusing on how U.S. securities exemptions, prospectus forms, and continuous disclosure requirements differ from their Canadian counterparts. One...more

Bennett Jones LLP

Short-Selling Structure not Abusive—Ontario Capital Markets Tribunal Dismisses OSC Allegations in High-Profile Enforcement...

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In recent years, the OSC and other regulatory bodies began signaling to public markets that regulators intended to crack down on what they termed abusive short-sellers. Against this backdrop, the OSC brought enforcement...more

Stikeman Elliott LLP

CSA Report on Results of Continuous Disclosure Review Program

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The Canadian Securities Administrators (“CSA”) have published CSA Staff Notice 51-365 Continuous Disclosure Review Program Activities for the Fiscal Years Ended March 31, 2024 and March 31, 2023 (the “Staff Notice”). The...more

Stikeman Elliott LLP

CSA Republish Proposals to Implement an “Access Equals Delivery” Model for Certain Continuous Disclosure Documents

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The Canadian Securities Administrators (“CSA”) have republished for comment proposed rule amendments and policy changes to implement an “access equals delivery” model for certain continuous disclosure documents of...more

Bennett Jones LLP

CSA Seeks Comments on Proposed Access Model: Modernized Approach for Delivery of Continuous Disclosure

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As an update to our previous blog posts, Greater Flexibility for Reporting Issuers: Access Equals Delivery and CSA Seeks Comments on “Access Equals Delivery” Model for Prospectuses, Financial Statements and MD&A, the Canadian...more

Blake, Cassels & Graydon LLP

Introduction au droit canadien des valeurs mobilières relatif au dépôt des contrats importants

Récemment, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié l’Avis 51-365 du personnel des ACVM, Activités du programme d’examen de l’information continue pour les exercices terminés les 31 mars 2024...more

Bennett Jones LLP

Considering Australian Securities Law When Drafting Arrangement Agreements to Acquire Australia-Based Companies

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As a recent decision by the Australian Takeovers Panel (Panel) has confirmed, Canadian issuers looking to complete a merger or strategic transaction with an Australian counterparty in a Canadian plan of arrangement, subject...more

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