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Securities Regulation Investment Canada

Stikeman Elliott LLP

OSC Publishes 2025 Examination Priorities for Dealers, Advisers, Investment Fund Managers and Other Regulated Entities

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The Registration, Inspections and Examinations Division (“RIE”) of the Ontario Securities Commission (“OSC”) has released its 2025 examination priorities, which are informed by the OSC’s 2024-2030 Strategic Plan as well as...more

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New CSA Amendments Regarding Investments in Crypto Assets Come into Force

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New amendments and changes to National Instrument 81-102 Investment Funds (NI 81-102) and its Companion Policy 81-102CP took effect on July 16, 2025, regulating public investment funds that invest in crypto assets....more

Blake, Cassels & Graydon LLP

La CVMO propose de nouvelles règles limitant les ventes à découvert avant les appels publics à l’épargne

Le 6 juin 2025, la Commission des valeurs mobilières de l’Ontario (la « CVMO ») a publié un projet de modification (disponible uniquement en anglais) visant le Règlement 48-501 de la CVMO – Négociations pendant les...more

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OSC Proposes Restrictions on Short Selling in Connection with Offerings

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The Ontario Securities Commission (“OSC”) published for comment proposed amendments to OSC Rule 48-501 Trading during Distributions, Formal Bids and Share Exchange Transactions and proposed changes to the related companion...more

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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

Davies Ward Phillips & Vineberg LLP

Securities Regulators Reduce Friction for Capital Raising with Incremental Changes to Prospectus Rules

Canadian securities regulators recently implemented three blanket orders introducing exemptions intended to reduce friction for capital raising. Key among these improvements is an exemption that eliminates the requirement for...more

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TSX Proposes Amendments to Original Listing Requirements

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The Toronto Stock Exchange (“TSX”) has published for comment proposed amendments (the “Proposed Amendments”) to Part III - Original Listing Requirements and Part V - Special Requirements for Non-Exempt Issuers (“Part V”) of...more

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OSC Reviews Restricted Dealer Crypto Asset Trading Platforms

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The Ontario Securities Commission (“OSC”) completed a focused compliance review of the know-your-client (“KYC”), account appropriateness assessment and Client Limit (as defined below) practices of crypto asset trading...more

Blake, Cassels & Graydon LLP

Une décision de l’OCRI met en lumière l’équité procédurale dans l’application de la réglementation des valeurs mobilières

Une décision (disponible uniquement en anglais) rendue récemment par une formation d’instruction de l’Organisme canadien de réglementation des investissements (l’« OCRI ») (la « décision Carrigan ») illustre la tension qui...more

Blake, Cassels & Graydon LLP

CIRO Decision Highlights Tug-of-War Over Procedural Fairness in Securities Regulatory Enforcement

A recent decision by a hearing panel of the Canadian Investment Regulatory Organization (CIRO) illustrates the ongoing tension between securities regulators’ efforts to enhance their enforcement powers in administrative...more

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Setting the Stage: CSA Prepare for Canada’s Business Conduct Regime for OTC Derivatives Dealers and Advisers

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The Canadian Securities Administrators (“CSA”) have released a few updates this summer regarding National Instrument 93-101 Derivatives: Business Conduct and its companion policy (collectively, the “Business Conduct Rule”)....more

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Ontario Court Dismisses Cryptocurrency Class Action on Jurisdictional Grounds

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In Shirodkar v Coinbase Global, Inc. et al., 2024 ONSC 1399 (“Coinbase”), the Ontario Superior Court of Justice (the “Court”) stayed a proposed class action against one of the four proposed defendants – Coinbase Canada Inc. –...more

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OSC Releases 2024-2030 Strategic Plan

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On May 3, 2024, the Ontario Securities Commission (“OSC”) released its 2024-2030 strategic plan (the “Plan”), which sets out the OSC’s goals and priorities for the next six years. The product of a detailed review process, it...more

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CSA Propose Amendments to Rules for Public Crypto Asset Funds

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The Canadian Securities Administrators (“CSA”) recently published proposed amendments to National Instrument 81-102 Investment Funds (“NI 81-102”) and changes to its companion policy (the “Proposed Amendments”) relating to...more

Bennett Jones LLP

Greater Flexibility for Reporting Issuers: Access Equals Delivery

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As an update to our blog post dated April 19, 2022, on January 11, 2024, the Canadian Securities Administration (CSA) published amendments implementing an "Access Equals Delivery" model (AED Model) to generally permit...more

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OBSI Joint Regulators Committee Releases Annual Report for 2022

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The Canadian Securities Administrators (“CSA”) and the Canadian Investment Regulatory Organization (“CIRO”) recently published the Annual Report (“Report”) of the Joint Regulators Committee (“JRC”) of the Ombudsman for...more

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OSC Explores Use of AI in Capital Markets

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The Ontario Securities Commission (“OSC”) and Ernst & Young LLP recently published Artificial Intelligence in Capital Markets: Exploring Use Cases in Ontario (the “Report”), which examines current artificial intelligence...more

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The Virtual Currency Regulation Review - September 2023

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I INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK - Canada currently has no comprehensive framework governing the regulation of digital assets. Securities and derivatives regulation has emerged as the main regulatory...more

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Regulators Announce Repeal of National Instrument 81-104 Alternative Mutual Funds

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On August 31, 2023, the Canadian Securities Administrators ("CSA") announced the repeal of National Instrument 81-104 Alternative Mutual Funds (“NI 81-104”) in all jurisdictions except Québec....more

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Sunny Days: New SRO Officially Named “Canadian Investment Regulatory Organization”

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The New Self-Regulatory Organization of Canada (“New SRO”) changed its name to “Canadian Investment Regulatory Organization” (“CIRO”) on June 1, 2023. The former Investment Industry Regulatory Organization of Canada...more

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CSE Makes Significant Changes to Listing Policies and Forms, Including a New “Non-Venture Issuer” Tier

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Following a comment period and further review, CNSX Markets Inc. (the CSE) has received approval from the Ontario and British Columbia securities commissions to implement significant changes to its listing policies and forms....more

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The OSC’s Statement Of 2023-24 Priorities: A Focus On Evolving Markets and Changing Investor Attitudes

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The Ontario Securities Commission (OSC) has released its 2023-24 draft Statement of Priorities, in which the OSC furthers previous goals, but with renewed focus on emerging trends and drivers of change – including financial...more

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OSC Expands Accredited Investor Exemption to Include “Self-Certified Investors” With Certain Professional or Academic...

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On October 25, 2022, the Ontario Securities Commission (OSC) published Ontario Instrument 45-507, being a temporary exemption to the prospectus requirement for the distribution of securities to “Self-Certified Investors” (the...more

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Attention Mining Industry - Now is your Chance to Help Shape Canadian Mineral Project Disclosure Requirements and Modernize NI...

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Mineral project disclosure requirements are being reviewed by the Canadian Securities Administrators (CSA) with an eye to providing investors with more relevant disclosure, and to continue to foster fair and efficient capital...more

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