ARTICLE
9 October 2025

CSA 2025-2028 Business Plan: Enriching The Ecosystem

BL
Borden Ladner Gervais LLP

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BLG is a leading, national, full-service Canadian law firm focusing on business law, commercial litigation, and intellectual property solutions for our clients. BLG is one of the country’s largest law firms with more than 750 lawyers, intellectual property agents and other professionals in five cities across Canada.
This past summer, the Canadian Securities Administrators (CSA) released their latest three-year business plan (the Plan). The Plan includes four strategic goals, namely (i) focus on the capital markets...
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This past summer, the Canadian Securities Administrators (CSA) released their latest three-year business plan (the Plan). The Plan includes four strategic goals, namely (i) focus on the capital markets; (ii) focus on investors; (iii) focus on innovation and technology; and (iv) focus on systemic risk. We picked out the following information which may be of most interest to registered firms and individuals.

With respect to focusing on growth in the capital markets, the CSA is continuing to look at developing a proposal for semi-annual reporting and will consult on the relative benefits and risks associated with allowing certain reporting issuers to report semi-annually rather than quarterly.

Some action items under the second goal of focusing on investors include disrupting online fraud by detecting and taking down unregistered investment websites that are not authorized to solicit investors or offer or trade in securities or derivatives in Canada. The CSA will also look for opportunities to harmonize the risk assessment questionnaire to minimize duplicative requests for information. The CSA intends to assess the need for regulatory changes to address digital engagement with retail investors, including the use of gamification and social media to make investment decisions.

One action item under the focus on innovation and technology is to develop a data collection framework for both public and privately offered investment fund products, to support the CSA's oversight activities.

Finally, the focus on systemic risk will include a review of the liquidity risk management framework for investment funds, including considering requirements for liquidity risk management policies and procedures. Action items will also include looking at the existing cybersecurity risk management requirements under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations to determine if they are sufficient to provide confidence in the resiliency of registrants.

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