National Instruments Published For Comment

National Instruments Published For Comment

Securities – CSA Notice and Request for Comment - Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations - Prohibition on the Use of Chargebacks in the Distribution of Investment Fund Securities

June 26, 2025 – Today the Financial and Consumer Affairs Authority of Saskatchewan is publishing CSA Notice and Request for Comment - Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations - Prohibition on the Use of Chargebacks in the Distribution of Investment Fund Securities.

The purpose of the proposed amendments is to protect investors by prohibiting the compensation practice of using chargebacks in the distribution of investment fund securities due to the inherent conflict of interest.

Currently, the use of chargebacks for the distribution of investment funds is limited, however the Canadian Securities Administrators (CSA) are of the view that it is important at this time to address this significant investor protection issue before chargebacks become entrenched and a widespread industry practice. It is estimated that there is only one mutual fund dealer currently using chargebacks, while there are no investment dealer firms.

The proposed ban on chargebacks would apply to all registered representatives, investment fund managers, advisers, dealers and their affiliates in respect of the distribution of securities of investment funds that are reporting issuers.

• CSA Notice and Request for Comment - Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations - Prohibition on the Use of Chargebacks in the Distribution of Investment Fund Securities 
• Annex A – Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations 
• Annex B – Local Matters 

Comment Period Ends: September 24, 2025.

For more information, contact:

Curtis Brezinski
Financial and Consumer Affairs Authority of Saskatchewan
Compliance Auditor, Capital Markets
Securities Division
4th Floor, 2365 Albert Street
Regina SK S4P 4K1
Bus: 306-787-5876
Fax: 306-787-5899
Email: curtis.brezinski@gov.sk.ca

 

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Securities – CSA Notice and Request for Comment Proposed Repeal and Replacement of NI 43-101 Standards of Disclosure for Mineral Projects

June 12, 2025 – Today the Financial and Consumer Affairs Authority of Saskatchewan are publishing CSA Notice and Request for Comment Proposed Repeal and Replacement of NI 43-101 Standards of Disclosure for Mineral Projects.

The Canadian Securities Administrators (CSA) are proposing to repeal and replace the current National Instrument 43-101 Standards of Disclosure for Mineral Projects and Form 43-101F1 Technical Report with a streamlined instrument and form. The CSA are also proposing to rescind and replace the current Companion Policy 43-101CP to National Instrument 43-101 Standards of Disclosure for Mineral Projects with a new companion policy.

Canada plays a leading role in mining capital formation. Canada’s mining disclosure regime is recognized internationally as the standard for mineral project disclosure. The Modernized Disclosure Requirements will allow the CSA to continue to protect investors and preserve Canada’s leading role in facilitating efficient capital formation for mining issuers.

• CSA Notice and Request for Comment Proposed Repeal and Replacement of NI 43-101 Standards of Disclosure for Mineral Projects
• Annex A – Proposed Amendments to National Instrument 43-101 Standards of Disclosure for Mineral Projects
• Annex B – Proposed Form 43-101F1 Technical Report
• Annex C – Proposed Companion Policy 43-101 Standards of Disclosure for Mineral Projects
• Annex D – Proposed amendments to National Instrument 44-101 Short Form Prospectus Distributions
• Annex E – Proposed amendment to National Instrument 44-102 Shelf Distributions
• Annex F – Proposed amendment to National Instrument 45-106 Prospectus Exemptions
• Annex G – Proposed amendments to National Instrument 51-102 Continuous Disclosure Obligations
• Annex H – Proposed amendment to Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets
• Annex I – Proposed change to Companion Policy 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets
• Annex J – Local Matters

Comment Period Ends: October 10, 2025.

For more information, contact:

Heather Kuchuran, Director
Corporate Finance, Securities Division
Financial and Consumer Affairs Authority of Saskatchewan
4th Floor, 2365 Albert Street
Regina, SK S4P 4K1
Phone: 306-787-1009
E-mail: heather.kuchuran@gov.sk.ca

 

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Securities - CSA Staff Notice 23-334 Proposed Amendments to National Instrument 23-101 Trading Rules and Proposed Changes To Companion Policy 23-101 Trading Rules

May 29, 2025 - Today the Financial and Consumer Affairs Authority of Saskatchewan are publishing CSA Staff Notice 23-334 Proposed Amendments to National Instrument 23-101 Trading Rules and Proposed Changes To Companion Policy 23-101 Trading Rules.

The comment period on the proposed amendments to the National Instrument 23-101 Trading Rules and (Proposed Amendments) and proposed changes to Companion Policy 23-101 Trading Rules (Proposed Changes) closed on March 24, 2025. The Canadian Securities Administrators (CSA) received six comment letters and thought it would be beneficial for stakeholders to have additional time to review the Proposed Amendments and Proposed Changes. The CSA are therefore extending the comment period to July 2, 2025.

Stakeholders are invited to provide comments on the Proposed Amendments and Proposed Changes in writing on or before July 2, 2025. Instructions on how to submit comments can be found in Annex A contained within this notice.

• CSA Staff Notice 23-334 Proposed Amendments to National Instrument 23-101 Trading Rules and Proposed Changes To Companion Policy 23-101 Trading Rules

Comment Period Ends: July 2, 2025.

For more information contact:

Liz Kutarna
Financial and Consumer Affairs Authority of Saskatchewan
Director, Capital Markets
Securities Division
4th Floor, 2365 Albert Street
Regina, SK S4P 4K1
Bus: 306-787-5871
Fax: 306-787-5899
Email: liz.kutarna@gov.sk.ca

 

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Securities - CSA Notice and Request for Comment Proposed Amendments to National Instrument 23-101 Trading Rules and Proposed Changes to Companion Policy 23-101 Trading Rules

January 23, 2025 - Today the Financial and Consumer Affairs Authority of Saskatchewan are publishing CSA Notice and Request for Comment Proposed Amendments to National Instrument 23-101 Trading Rules and Proposed Changes to Companion Policy 23-101 Trading Rules.
The Proposed Amendments would continue to align the maximum fee for executing an order involving a U.S. Inter-listed Security priced at CAD 1.00 or more with the reduced trading fee caps adopted by the U.S. Securities and Exchange Commission (SEC) on September 18, 2024 and originally planned to be implemented on November 3, 2025. On December 12, 2024, the SEC announced an order granting a partial stay on the implementation of the rules pending judicial review of the proposals by the United States Court of Appeals for the District of Columbia Circuit.
If approved, it is intended that the Proposed Amendments, Proposed CP Changes and Proposed UMIR Amendments would come into force on the implementation date for the SEC rules or as soon as practicable thereafter. The Proposed Amendments and Proposed CP Changes will not come into effect before the SEC’s stay is lifted and its rules are implemented.

•    CSA Notice and Request for Comment Proposed Amendments to National Instrument 23-101 Trading Rules And Proposed Changes to Companion Policy 23-101 Trading Rules
•    Annex A – Proposed Amendments to National Instrument 23-101 Trading Rules  
•    Annex B – Proposed Changes to Companion Policy 23-101 Trading Rules
•    Annex C – Blackline Showing Proposed Amendments to National Instrument 23-101 Trading Rules
•    Annex D - Blackline Showing Proposed Changes to Companion Policy 23-101 Trading Rules 
•    Annex E – Summary of responses to Staff Notice 23-331 relating to SEC Tick Size and Trading Fee Proposals
•    Annex F – Background on regulation of trading fee caps in Canada
•    Annex G – Local Matters – Cost Benefit Analysis (Ontario)
•    Annex H – Local Matters (Saskatchewan)

Comment Period Ends: March 24, 2025
For more information contact:

Liz Kutarna
Financial and Consumer Affairs Authority of Saskatchewan
Director, Capital Markets
Securities Division
4th Floor, 2365 Albert Street
Regina, SK S4P 4K1
Bus: 306-787-5871
Fax: 306-787-5899
Email: liz.kutarna@gov.sk.ca

 

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