CSA Outline Priorities for 2019 - 2022

June 28, 2019

CSA priorities over the next few years include investor protection, reducing risks to market integrity, and ensuring efficient functioning of markets

  • On June 13, the CSA released their business plan for 2019-2022, outlining broad goals for the next three years
  • The CSA also released a report outlining their achievements during 2016-2019

The Canadian Securities Administrators (CSA) recently released their business plan for 2019-2022. The plan sets out a number of priorities for the upcoming few years, including (i) continuing to protect investors from unfair and fraudulent practices; (ii) a commitment to efficient markets; (iii) streamlining regulation; and (iv) enhancing performance through information technology and data strategy.

According to the plan, the CSA is considering a number of initiatives to help fulfill these broad goals. The planned initiatives include:

  • Improving investor protections by rulemaking to enhance the advisor-client relationship, reducing investment fund embedded commissions, addressing the financial exploitation of older and vulnerable clients, and strengthening enforcement technology capabilities;
  • Promoting fair and efficient markets by finalizing and implementing an over-the-counter derivatives framework, implementing a regulatory regime for domestically important financial benchmarks, considering whether regulatory action is needed to address “activist short selling”, and introducing regulations for crypto-asset trading platforms;
  • Reducing regulatory burdens, including by streamlining continuous disclosure requirements, considering an alternative and streamlined offering system for public companies, and adopting a start-up crowdfunding exemption as a national instrument; and
  • Enhancing performance by enhancing information technology capacity through the modernization of SEDAR, SEDI and other CSA National systems and developing a common strategy for data management.

According to the CSA, while priority will be given to the initiatives outlined in the business plan, the CSA will continue to monitor international developments to determine whether additional action may be appropriate.

The CSA also released a status update on the priorities set out in their business plan covering 2016-2019. While numerous initiatives have been categorized as completed, a number of projects are classified as “ongoing” and now appear on the business plan for 2019-2022, discussed above.

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