Canada: Securities

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Article
One Step Closer To Harmonization: CIRO's Proposed Incorporated Approved Person Compensation Model
The Canadian Investment Regulatory Organization (CIRO) has published rule amendments to harmonize advisor compensation (the Amendments). Following CIRO’s 2024 position paper that consulted on three potential regulatory approaches to allow payment of advisor compensation to advisor-owned corporations for all CIRO-regulated dealer members (Dealers), the Amendments propose to adopt the Incorporated Approved Person compensation option.
Canada Finance
BL
Borden Ladner Gervais LLP
Article
CSA Finalizes New Access Model For Continuous Disclosure Documents
The Canadian Securities Administrators have finalized amendments introducing an optional access model that allows non-investment fund reporting issuers to fulfill continuous disclosure obligations by making documents electronically available rather than physically delivering them. This new framework, effective September 22, 2026, establishes specific timelines for SEDAR+ filing, news release issuance, and website posting while preserving investor rights to request copies.
Canada Commercial
ML
McMillan LLP
Article
CIRO Cybersecurity Table-Top Exercise – The Dry Run
Following similar forums held in 2018 and 2023, the Canadian Securities Regulatory Organization (CIRO) is hosting another series of cybersecurity table-top exercises for investment dealers and mutual fund dealers on September 30 (Toronto) and October 7 (Calgary). The forum is intended to allow participants to discuss threats, gaps in response plans and best practices through targeted case scenarios. All CIRO members are invited to participate, and CIRO has separately requested input on the development of the case scenarios.
Canada Technology
BL
Borden Ladner Gervais LLP
Article
At The Crossroads: Proposed Amendments Regarding Insider Reporting Requirements
Earlier this spring, the Canadian Securities Administrators (CSA) proposed amendments to certain exemptions from insider reporting found in National Instrument 55-104 Insider Reporting Requirements and Exemptions (NI 55-104). The amendments are intended to clarify that the insider reporting regime applies to certain transactions involving investment funds and structured products, like structured notes and Canadian Depositary Receipts, that are based on securities of a reporting issuer.
Canada Commercial
BL
Borden Ladner Gervais LLP
Article
The Great AI Illusion – When Innovation Crosses The Line Into Misrepresentation
Claims about AI-related innovation can easily cross into the kind of misrepresentation that attracts regulatory liability. This article examines the growing gap between what technology companies claim is working today and what is actually happening behind the curtain, exploring when ambitious prototypes become misleading representations with significant legal and regulatory consequences.
Worldwide Commercial
ML
McMillan LLP
Article
Navigating The Next Turn: The RIE Division Of The OSC Sets Out Its 2026-2027 Examination Priorities
The Registration, Inspections and Examinations Division (RIE) of the Ontario Securities Commission (OSC) has published its examination priorities for fiscal 2026-2027 in OSC Staff Notice 33-761 – 2026 Examination Priorities for the Registration, Inspections and Examinations Division, enforcing its focus on a risk-based supervisory framework that is responsive to evolving market conditions and emerging risks
Canada Finance
BL
Borden Ladner Gervais LLP
Article
Looking Down The Road: The CSA Proposes Amendments To The Issuer Bid, Take-Over Bid And Early Warning Reporting Regimes
On May 14, 2026, the Canadian Securities Administrators (CSA) proposed changes to a number of rules to provide issuers with greater flexibility to repurchase their own securities, enhance transparency of ownership of derivative interests in specified circumstances and enhance the integrity of the issuer bid, take-over bid and early warning reporting regimes.
Canada Finance
BL
Borden Ladner Gervais LLP
Article
CSA Finalizes ‘access Equals Delivery’ Model For Continuous Disclosure Documents: Practical Implications For Reporting Issuers
On June 25, 2026, the Canadian Securities Administrators (the CSA) published [PDF] final amendments to National Instrument 51-102 – Continuous Disclosure Obligations and National Instrument 54-101 – Communication with Beneficial Owners of Securities of a Reporting Issuer and their related companion policies to implement an optional alternative model for the delivery of certain continuous disclosure documents by non-investment fund reporting issuers.
Canada Commercial
OH
Osler, Hoskin & Harcourt LLP
Article
No Leave, No Claim: British Columbia Reinforces Gatekeeping For Secondary Market Claims
The British Columbia Supreme Court has reinforced stringent requirements for secondary market misrepresentation claims, denying leave in a case where the plaintiff failed to provide admissible evidence, properly plead alleged misrepresentations, and meet limitation period requirements. The decision clarifies that the Class Proceedings Act does not suspend limitation periods for claims that plaintiffs have failed to properly advance, and confirms the court's gatekeeping role in screening unsubstantiated secu
Canada Litigation
C
Cassels
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