Canada: Securities

On July 22, 2026, the Canadian Investment Regulatory Organization (“CIRO”) released the 2026 edition of its annual Enforcement Report. The report indicates that, while CIRO is pursuing fewer enforcement cases overall...

The Canadian Securities Administrators have proposed significant amendments to the Listed Issuer Financing Exemption that would permanently codify increased financing limits up to $50 million and introduce greater flexibility for reporting issuers seeking capital. These changes build on the success of a temporary blanket order that dramatically increased both the number of offerings and average capital raised, while introducing new provisions for marketed offerings, successor issuers, and streamlined disclo

CIRO's 2025 exemptive relief decisions reveal how Canada's investment industry regulator balances practical regulatory challenges with investor protection. What patterns emerge from exemptions granted for UMIR trading, dual registration, crypto assets, and proficiency requirements, and how can dealer members leverage these insights?

The Ontario Capital Markets Tribunal has extended its public interest jurisdiction beyond shareholder rights plans, applying the Riot Platforms test to enforcement proceedings involving market manipulation and compliance failures. This landmark decision establishes that market participants can face sanctions for conduct that undermines securities law principles, even without technical violations, fundamentally reshaping how firms must approach compliance and supervision systems.

The Canadian Securities Administrators have proposed amendments to National Instrument 45-106 that would permanently codify enhanced capital-raising flexibility under the listed issuer financing exemption, building on the success of a 2025 blanket order that enabled over 300 issuers to collectively raise C$3.7-billion.

Mark Morabito and Jetlines faced a lengthy investigation by the British Columbia Securities Commission over insider trading and disclosure allegations, which eventually led to an abuse of process claim.

Les Autorités canadiennes en valeurs mobilières ont publié des modifications définitives établissant un modèle d'accès optionnel permettant aux émetteurs assujettis de rendre leurs documents d'information continue accessibles électroniquement plutôt que de les transmettre physiquement. Quelles sont les nouvelles exigences de notification et comment les émetteurs peuvent-ils se préparer à adopter ce modèle avant son entrée en vigueur

La Cour suprême des États-Unis a statué que la SEC peut obtenir des ordonnances de remise sans démontrer de pertes pécuniaires subies par les épargnants. Cette décision aligne davantage les approches américaine et canadienne en matière de restitution des gains illicites dans les affaires de valeurs mobilières, tout en soulignant les différences entre les ressorts canadiens.

As discussed earlier in this edition, the Ontario Securities Commission’s RIE Division has identified marketing practices as an examination priority in OSC Staff Notice 33-761 – 2026 Examination Priorities for the Registration, Inspections and Examinations Division.