Securities
Securities Division
4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1
Tel: (306)787-5645
Fax: (306)787-5899
Email: fcaa@gov.sk.ca
Securities
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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
Securities - CSA Consultation Paper 81-409 Enhancing Exchange-Traded Fund Regulation: Proposed Approaches and Discussion
June 19, 2025 - The Canadian Securities Administrators (CSA) published CSA Consultation Paper 81-409 Enhancing Exchange-Traded Fund Regulation: Proposed Approaches and Discussion.
The CSA are considering potential amendments to the investment funds regulatory framework for exchange-traded funds (ETFs). While the existing regulatory framework addresses some features of ETFs, it is not highly tailored to them. ETFs have unique features that distinguish them from conventional mutual funds. Following their 2023 ETF Review that involved an analysis to identify potential gaps in the existing regulatory framework, the CSA determined that a regulatory framework tailored to the unique ETF structure can enhance investor protection, promote investor confidence in ETFs, and foster competition. ETFs have experienced strong growth with $518 billion in assets under management by December 31, 2024.
The comment period ends October 17, 2025.
For more information contact:
Heather Kuchuran
Financial and Consumer Affairs Authority of Saskatchewan
Director, Corporate Finance, Securities Division
400-2365 Albert Street
Regina, SK, S4P 4K1
Bus: 306-787-1009
Fax: 306-787-5899
Email: heather.kuchuran@gov.sk.ca
Securities - CSA Notice of Publication Amendments and Changes to Certain National Instruments and Policies related to the Senior Tier of the Canadian Securities Exchange, the Cboe Canada Inc. and AQSE Growth Market name changes, and Majority Voting Form of Proxy Requirements
June 19, 2025 - The Financial and Consumer Affairs Authority of Saskatchewan is publishing Canadian Securities Administrators (CSA) Notice of Publication Amendments and Changes to Certain National Instruments and Policies related to the Senior Tier of the Canadian Securities Exchange, the Cboe Canada Inc. and AQSE Growth Market name changes, and Majority Voting Form of Proxy Requirements.
The purpose of the amendments and changes are to codify previously granted relief related to changes at some recognized exchanges and to align our requirements with changes made to the Canada Business Corporations Act (CBCA). The amendments and changes address the following:
- the creation of a senior tier at the Canadian Securities Exchange (CSE), which is intended to be a non-venture tier;
- to ensure that requirements for non-venture issuers will also apply to those reporting issuers that are listed on the CSE Senior Tier;
- the name change of the PLUS markets to AQSE Growth Market;
- the name change of Aequitas Neo Exchange Inc. to Cboe Canada Inc.; and,
- amendments to the Canada Business Corporations Act dealing with “majority voting”.
The amendments are expected to be adopted by each member of the CSA, where applicable, and provided all necessary regulatory and ministerial approvals are obtained, the amendments will come into force on September 19, 2025.
- CSA Notice of Publication Amendments and Changes to Certain National Instruments and Policies related to the Senior Tier of the Canadian Securities Exchange, the Cboe Canada Inc. and AQSE Growth Market name changes, and Majority Voting Form of Proxy Requirements
- Annex A - Amendments to National Instrument 41-101 General Prospectus Requirements
- Annex B - Amendments to National Instrument 44-101 Short Form Prospectus Distributions
- Annex C - Amendments to National Instrument 45-106 Prospectus Exemptions
- Annex D - Amendments to National Instrument 51-102 Continuous Disclosure Obligations
- Annex E - Amendments to Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets
- Annex F - Amendments to National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings
- Annex G - Amendments to National Instrument 52-110 Audit Committees
- Annex H - Amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices
- Annex I - Amendments to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions
- Annex J - Amendments to National Instrument 62-104 Take-Over Bids and Issuer Bids
- Annex K - Amendments to National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers
- Annex L - Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure
- Annex M - Changes to Companion Policy 44-101CP to National Instrument 44-101 Short Form Prospectus Distributions
- Annex N - Changes to National Policy 46-201 Escrow for Initial Public Offerings
- Annex O - Local Matters
For more information contact:
Heather Kuchuran
Financial and Consumer Affairs Authority of Saskatchewan
Director, Corporate Finance, Securities Division
400-2365 Albert Street
Regina, SK, S4P 4K1
Bus: 306-787-1009
Fax: 306-787-5899
Email: heather.kuchuran@gov.sk.ca
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 Division
4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1
Tel: (306)787-5645
Fax: (306)787-5899
Email: fcaa@gov.sk.ca