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Montreal and Winnipeg – The Canadian Securities Administrators (CSA) announced today its members will be considering delegating certain registration functions and powers to the Canadian Investment Regulatory Organization (CIRO). CIRO currently performs certain registration functions for some CSA members under delegated authority, and this further delegation would create a consistent and harmonized approach in registration processes for CIRO members across Canada.  The proposed delegation model may be restricted to routine applications of investment dealers and mutual fund dealers (firms and individuals) in some jurisdictions. Delegating registration functions would allow CSA members to focus on the oversight of CIRO, regulatory policy, addressing novel issues, and granting exemptive relief applications. Portfolio managers, restricted portfolio managers, investment fund managers, exempt markets dealers, restricted dealers, and scholarship plan dealers (firms and individuals) would continue to register with, and be overseen by, their local securities regulator. Aligned with the CSA’s objective outlined in its 2022-2025 Business Plan, these new delegated functions and powers would create efficiencies and reduce regulatory burden by providing certain market participants with a single and centralized registration process. “In 2023, we sought to modernize the Canadian self-regulatory framework in a way that adapts to evolving capital markets and responds to the needs of market participants and investors alike. Today’s announcement marks a natural progression of those efforts and a continued commitment to our goal of strengthening Canada’s capital markets regulatory system,” said Stan Magidson, CSA Chair and Chair of the Alberta Securities Commission. “We expect this initiative would benefit market participants through a more streamlined process and allow regulators to prioritize policy developments that continue to foster healthy, fair and efficient markets.” “CIRO, like all regulators, has a responsibility to deliver regulation efficiently, effectively and remove duplication. The CSA’s consideration of streamlining registration delegation supports our strategic objective to deliver a more effective registration framework,” said Andrew J. Kriegler, President and CEO of CIRO.  “As CIRO continues to deliver on its strategic plan, I look forward to further collaborating with the CSA to improve registration standards across Canada. We will work with CSA members that decide to delegate, under their respective timelines, to support a smooth delegation process.” Subject to obtaining the necessary approvals, delegation orders or proposed rule amendments would be issued by CSA members locally in due course.  The Ontario Securities Commission (OSC) issued a separate news release today with respect to its plans on this matter. The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.  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. For media inquiries, please contact: Ilana Kelemen Canadian Securities Administrators media@acvm-csa.ca Sean Hamilton  Canadian Investment Regulatory Organization shamilton@ciro.ca For investor inquiries, please contact your local securities regulator.  

MONTRÉAL – The Canadian Securities Administrators (CSA) is seeking feedback on proposed amendments and changes to implement an access model for certain disclosure documents of non-investment fund reporting issuers (the Proposed Access Model).  The Proposed Access Model aims to modernize the way documents are made available to investors by allowing issuers to provide investors with electronic access to certain continuous disclosure documents, without impacting investors’ ability to request, or provide standing instructions to receive, those documents in electronic or paper form. It will give issuers another alternative to send annual financial statements, interim financial reports and related management’s discussion & analysis (MD&A) (collectively, CD documents), instead of following the current requirements found in securities legislation. “The Proposed Access Model is consistent with the general evolution of our capital markets and recognizes that investors are increasingly accessing and consuming information electronically,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “It will further enhance investors’ awareness of the availability of CD documents and how they can be accessed electronically.” The CSA published initial proposals for implementing an access model for prospectuses, generally, and CD documents (the Initial Proposals) on April 7, 2022. On January 11, 2024, the CSA published amendments and changes implementing an access model for prospectuses only, which generally came into force on April 16, 2024. After considering the comments received during the 2022 consultation, as well as consulting with the CSA Investor Advisory Panel throughout the policy development process, the CSA made substantive changes to the Initial Proposals for CD documents to enhance the Proposed Access Model from an investor perspective. As we consider these to be material changes, we are republishing the Proposed Access Model for a further 90-day comment period that will end on February 17, 2025. Details about submitting comments can be found at the end of the CSA Notice of Republication and Request for Comment. With this republication, the CSA anticipates resuming the work needed to implement the amendments that would introduce the annual and interim disclosure statements that were proposed in May 2021 (CD modernization proposals). Further, in deciding on the timing for implementing any of the CD modernization proposals, we will ensure reporting issuers are provided with sufficient time to transition to any new forms and requirements. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact: Ilana Kelemen Canadian Securities Administrators media@acvm-csa.ca Sylvain Théberge Autorité des marchés financiers  sylvain.theberge@lautorite.qc.ca For investor inquiries, please contact your local securities regulator.  

Calgary – In light of the possibility of a Canada-wide postal disruption starting as early as Friday, November 15, 2024, the Canadian Securities Administrators (CSA) recommends that all stakeholders required to deliver materials to any CSA member, as well as deliver documents to security holders, contact or visit their local securities regulator website for guidance regarding prescribed delivery obligations.  The CSA also recommends that stakeholders regularly verify updates regarding the postal strike within their own provinces, territories and/or districts, as service interruptions may vary from region to region. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact: Ilana Kelemen Canadian Securities Administrators media@acvm-csa.ca For investor inquiries, please contact your local securities regulator.  

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