National Instruments Published For Comment

Financial and Consumer Affairs Authority

4th Floor, 2365 Albert Street

Regina, SK, S4P 4K1

Tel: (306)787-5645

Fax: (306)787-5899

National Instruments Published For Comment

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

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:

Securities Division

4th Floor, 2365 Albert Street

Regina, SK, S4P 4K1

Tel: (306)787-5645

Fax: (306)787-5899

Email: fcaa@gov.sk.ca