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MONTREAL – Members of the Canadian Securities Administrators (CSA) today published a CSA Notice of Consultation on proposed amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives. The proposed amendments aim to update the list of mandatory clearable derivatives to reflect the transition of Canadian financial markets to new overnight risk-free interest rate benchmarks, and to add new classes of interest rate swaps as well as credit default swaps referencing certain indexes. The CSA Notice of Consultation is published on CSA members’ websites. The 90-day comment period will expire on December 19, 2024.   For investor inquiries, please contact your local securities regulator. 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   

TORONTO - The Canadian Securities Administrators (CSA) have published for comment a series of proposed amendments aimed at modernizing the continuous disclosure regime for investment funds. These proposals are designed to provide investors with more focused and valuable disclosure while reducing the regulatory burden on investment fund managers.  The CSA proposes to replace the existing annual and interim Management Report of Fund Performance (MRFP) with a new annual and interim Fund Report. The proposed Fund Report was developed using behavioural insights research, which provides information on how people think, behave and make decisions. This included carrying out rigorous investor testing aimed at comparing the effectiveness of several alternative proposed versions of the Fund Report against a sample MRFP.  “These amendments reflect our commitment to ensuring that investors have access to disclosure that includes appropriate information that is more likely to be read and understood and is easier to apply when making investment decisions,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “By streamlining disclosure requirements, we aim to reduce the regulatory burden on investment fund managers while enhancing the overall quality of information available to investors.” Two other continuous disclosure-related proposals being made are to:   Provide exemptions from certain conflict of interest reporting requirements in securities legislation if other similar requirements are satisfied. Eliminate some required class- or series-level disclosures from investment fund financial statements that are not required by International Financial Reporting Standards. The CSA is also making two additional proposals to: Reference the term Fund Expense Ratio (FER), which combines the management expense ratio and the trading expense ratio of an investment fund, in the Fund Facts and the ETF Facts. Make minor editorial and other revisions to the simplified prospectus form (SP Form). The CSA invites comments on these proposals, which can be found on CSA members’ websites. The 120-day comment period closes on January 17, 2025. The investor testing report that outlines the results of the behavioural insights research is being published separately and can be accessed on the CSA Secretariat’s website and the websites of some CSA members. The British Columbia Securities Commission (BCSC) is not publishing the proposed amendments for comment at this time. BCSC Staff anticipate doing so following the British Columbia provincial general election. The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact: Ilana Kelemen Canadian Securities Administrators media@acvm-csa.ca Julia Mackenzie Ontario Securities Commission  media_inquiries@osc.gov.on.ca For investor inquiries, please contact your local securities regulator.

Your career at the Commission is enriched with daily opportunities to learn, innovate, and grow professionally in a supportive, stimulating, and flexible workplace. We offer a competitive total compensation package and exciting opportunities for professional development. We support our employees in maintaining their professional designations and provide technical updates on a continual basis for many of our sectors. We offer a variety of management leadership skills training opportunities and a popular French-language program for those employees interested in strengthening or maintaining their second language. Our professional groups bring together professionals working in the same fields to offer peer support and learning.  We are currently hiring for: Special Advisor, Regulatory Operations - Fredericton office For more information about this position please visit our Career page or call the Human Resources Officer at (506) 643-7790.

Your career at the Commission is enriched with daily opportunities to learn, innovate, and grow professionally in a supportive, stimulating, and flexible workplace. We offer a competitive total compensation package and exciting opportunities for professional development. We support our employees in maintaining their professional designations and provide technical updates on a continual basis for many of our sectors. We offer a variety of management leadership skills training opportunities and a popular French-language program for those employees interested in strengthening or maintaining their second language. Our professional groups bring together professionals working in the same fields to offer peer support and learning.  We are currently hiring for: Regulatory Outreach and Communications Officer  For more information about this position please visit our Career page or call the Human Resources Officer at (506) 643-7790.