What's new in regulation at the ASC? Check back often for the latest updates.
NOTE: Until rules or instruments become effective as evidenced by their publication in The Alberta Gazette (see section 225 of the Securities Act (Alberta)), they are subject to non-substantive changes. Should such changes occur, a revised version of the relevant rule or instrument will be published on this website.
Industry and public consultation is an important part of the regulatory process and provides good input into new or revised legislation. When the ASC or the Canadian Securities Administrators (CSA) believes new or revised regulation is required, they will typically publish the proposed new documents for public comment.
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June 2019
The Alberta Securities Commission (ASC) today published ASC Consultation Paper 11-701 Energizing Alberta’s Capital Market.
This consultation is seeking input on steps the ASC, as Alberta’s securities regulator, can take to foster a vibrant public and private capital market in Alberta, while continuing to protect investors.
Comments should be submitted by September 20, 2019.
ASC Consultation Paper 11-701 Energizing Alberta’s Capital Market.
This notice outlines suggested practices that registered firms can consider when engaging with older or vulnerable clients. Clients may be or become vulnerable due to changing needs and risks as they age, an illness or injury, or a physical, cognitive or psychological limitation. The notice includes suggestions as to how registrants can identify and respond to situations involving financial exploitation and diminished mental capacity. It also reminds registered firms of their know-your-client and suitability obligations, and discusses specific practices firms can consider when assessing their policies and procedures in areas such as:
- account supervision,
- complaint handling,
- handling of powers of attorney and limited trading authorizations,
- communicating with older or vulnerable clients,
- reporting and escalating of issues, and
- identifying trusted contact persons.
CSA Staff Notice 31-354 Suggested Practices for Engaging with Older or Vulnerable Clients
May 2019
The Alberta Securities Commission is publishing for a 90-day comment period proposed amendments to National Instrument 44-102 Shelf Distributions relating to at-the-market distributions.
The CSA is publishing for a 90-day comment period proposed National Instrument 13-103 [System Replacement Rule] (NI 13-103), repeal of National Instrument 13-101 System for Electronic Document Analysis and Retrieval, proposed Companion Policy 13-103 [System Replacement Rule] and related consequential amendments. This notice should be read together with the CSA notice relating to proposed amendments to Multilateral Instrument 13-102 System Fees for SEDAR and NRD. The National Systems Renewal Program is an initiative of the CSA that aims to replace the CSA national systems with a more centralized CSA IT system. NI 13-103 is a new central rule that provides the requirements and the procedure for the electronic transmission of documents through the new system.
The CSA is publishing for a 90-day comment period proposed amendments to Multilateral Instrument 13-102 System Fees for SEDAR and NRD (MI 13-102). This notice should be read together with the CSA notice relating to proposed National Instrument 13-103 [System Replacement Rule]. The CSA is renewing its national records filing systems. In connection with the development of the new system, the CSA has reviewed the system fees for specified filings made by market participants. As a result of this review, the CSA proposes to revise MI 13-102, primarily to change the structure of the system fees provided by MI 13-102.
Proposed Repeal and Replacement of Multilateral Instrument 13-102 System Fees for SEDAR and NRD
March 2019
Staff of the Canadian Securities Administrators (CSA Staff or we) have been examining the requirements in National Instrument 21-101 Marketplace Operation (NI 21-101) and in National Instrument 23-101 Trading Rules (NI 23-101) (together, Marketplace Rules) in respect of the reporting of material systems incidents by recognized exchanges (Exchanges) and alternative trading systems (ATSs) (together, Marketplaces) carrying on business in the jurisdictions of the Canadian Securities Administrators (CSA). We have also been reviewing the practices set out around those requirements in various recognition orders, rules and other sources of regulatory guidance. This Notice summarizes the key regulatory requirements with respect to the reporting of a material systems incident by marketplaces and sets out CSA Staff's expectations with respect to incident reporting. The Notice also describes CSA Staff's process for reviewing a marketplace's notification of a material systems incident as well as our role in addressing a material systems incident.
CSA Staff Notice 21-326 Guidance for Reporting Material Systems Incidents
Following the service interruption on April 27, 2018 that affected trading on TSX Inc. (TSX), Alpha Exchange Inc. (Alpha), TSX Venture Exchange Inc. (TSXV) and Bourse de Montréal (MX) (the Incident), CSA Staff undertook a review of the Incident and identified several issues that required further examination and follow up. This notice discusses the issues identified by CSA Staff during the course of, and as a result of, the Incident, through discussions with the affected marketplaces, market participants and the Investment Industry Regulatory Organization of Canada (IIROC), as well as follow-up actions that CSA Staff have taken or intend to take going forward.
CSA Staff Notice 21-325 Follow-up on Marketplace Systems Incidents
The Canadian Securities Administrators are publishing a CSA Staff Notice (the Notice) on final amendments to certain custody-related provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103 and the Amendments, respectively). The Amendments are minor but deemed necessary to align the custody-related provisions in NI 31-103 with amendments to National Instrument 81-102 Investment Funds, which came into force on January 3, 2019. The Amendments are anticipated to come into force on June 12, 2019.
February 2019
The ASC is making amendments (Amendments) to ASC Rule 15-501 Rules of Practice and Procedure for Commission Proceedings. The Amendments will remove some outdated references and create or amend provisions that will further promote the efficient use of scheduled time for hearings.
ASC Notice Amendments to ASC Rule 15-501 Rules of Practice and Procedure for Commission Proceedings