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
On March 13, 2024, the Canadian Sustainability Standards Board (“CSSB”) released proposed Canadian sustainability disclosure standards (the “CSSB Standards”) that are modelled after the sustainability disclosure standards...more
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
Glass Lewis and Institutional Shareholder Services (“ISS”) recently published their Canadian benchmark policy guidelines and updates for the 2024 proxy season. Key updates focus on board accountability for climate-related...more
1 Setting the Scene – Sources and Overview -
1.1 What are the main substantive ESG-related regulations?
There are a variety of environmental, social and governance (“ESG”)-related regulations applicable to federally...more
On November 30, 2023, the Autorité des marchés financiers (AMF), the organization that oversees Québec’s financial industry, published a draft Climate Risk Management Guideline (the Guideline) which will apply to licensed...more
The Canadian Securities Administrators (“CSA”) have released their annual review of disclosure regarding women on boards and in executive officer positions at Toronto Stock Exchange-listed issuers, showing positive trends in...more
The securities regulatory authorities in all Canadian jurisdictions other than British Columbia recently published in final form Multilateral Instrument 93-101 Derivatives: Business Conduct (“MI 93-101”) and its companion...more
This fall, the Canadian Securities Administrators (“CSA”) released CSA Staff Notice 21-333 Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-referenced Crypto Assets with Clients (the “Staff Notice”) to...more
Government attitude and definition -
As in many countries, the regulation of cryptocurrencies in Canada is divided among various levels of government and administrative agencies, depending on the nature of the activity...more
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
This summer, the Canadian Securities Administrators (“CSA”) published CSA Staff Notice 81-336 Guidance on Crypto Asset Investment Funds that are Reporting Issuers (the “Notice”) concerning funds that seek to invest in crypto...more
9/25/2023
/ Canada ,
Canadian Securities Administration ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Financial Services Industry ,
Investment Funds ,
Investment Opportunities ,
New Guidance ,
OSFI ,
Securities Regulation
On June 26, 2023, the International Sustainability Standards Board (“ISSB”) released its first two sustainability disclosure standards (the “ISSB Standards”), IFRS S1 General Requirements for Disclosure of...more
There are a variety of environmental, social and governance (“ESG”)-related regulations applicable to federally and provincially incorporated companies; however, the focus of this chapter will be on public companies that...more
On February 22, 2023, the Canadian Securities Administrators (CSA) published CSA Staff Notice 21-332 Crypto Asset Trading Platforms: Pre-Registration Undertakings – Changes to Enhance Canadian Investor Protection (the Staff...more
There are a variety of environmental, social and governance (“ESG”)-related regulations applicable to federally and provincially incorporated companies; however, the focus of this chapter will be on public companies that...more
2/3/2023
/ Asset Management ,
Canada ,
CBCA ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
Geopolitical Risks ,
Greenwashing ,
Private Funds ,
Sustainability
Canadian fintech industries, particularly digital payments, digital trading, robo-advising and open banking, continued to experience significant growth until 2022. The pace of innovation had been accelerated by expansive...more
1/27/2023
/ Canada ,
Collective Investment Schemes ,
Consumer Financial Products ,
Crowdfunding ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Investment Management ,
Peer-to-Peer ,
Robo-Advisors
Institutional Shareholder Services (ISS) and Glass Lewis Canadian company updates for the 2023 proxy season continue to focus on board diversity and oversight of climate risk. Other issues considered include overboarding,...more
Amendments to swap data reporting rules are expected to be implemented by the Commodity Futures Trading Commission (CFTC) in December 2022. The Canadian Securities Administrators (CSA) have issued guidance to market...more
11/28/2022
/ Canada ,
Canadian Securities Administration ,
CFTC ,
Committee on Payments and Market Infrastructure (CPMI) ,
Derivatives ,
Financial Markets ,
IOSCO ,
Market Participants ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Swaps
I -
INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK -
Canada currently has no comprehensive framework governing the regulation of digital assets. Securities regulation has emerged as the main regulatory instrument in...more
Government attitude and definition -
As in many countries, the regulation of cryptocurrencies in Canada is divided among various levels of government and administrative agencies, depending on the nature of the activity...more
11/2/2022
/ Bitcoin Mining ,
Blockchain ,
Canada ,
Canadian Securities Administration ,
Corporate Counsel ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
EFTs ,
Money Services Business ,
New Guidance ,
Popular
On October 17, 2022, Ontario Securities Commission (OSC) Rule 32-506 (Commodity Futures Act) Exemptions for International Dealers, Advisers and Sub-Advisers (OSC Rule 32-506) and amended OSC Rule 91-502 Trades in Recognized...more
On October 12, 2022, Coinsquare Capital Markets Ltd. (CCML) was approved as a member of the Investment Industry Regulatory Organization of Canada (IIROC), the Canadian SRO for investment dealers. This is the first...more
Proposed amendments are intended to reduce regulatory burden by aligning over-the-counter (OTC) derivatives data reporting requirements with international standards developed by the Committee on Payments and Market...more
7/5/2022
/ Canada ,
Canadian Securities Administration ,
CFTC ,
Committee on Payments and Market Infrastructure (CPMI) ,
Derivatives ,
Financial Instruments ,
Financial Markets ,
International Harmonization ,
IOSCO ,
Over The Counter Derivatives (OTC) ,
Proposed Amendments ,
Regulatory Agenda ,
Regulatory Burden ,
Regulatory Reform ,
Reporting Requirements
Executive Summary -
The steps that the Canadian government has recently taken under the Emergencies Act in relation to blockades that are stated to be occurring in places throughout Canada pose significant compliance...more