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10 October 2025

CSA's Grounded Year In Review

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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.
The Canadian Securities Administrators (CSA) released its 2024-2025 year in review, describing its activities throughout its fiscal year ended on June 30, 2025.
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The Canadian Securities Administrators (CSA) released its 2024-2025 year in review, describing its activities throughout its fiscal year ended on June 30, 2025. The report explains actions taken by the CSA to move forward the six strategic goals originally set out in its 2022-2025 business plan, along with statistics such as the number of investor alerts issued, publications sent out and Canadians reached through its "Check Registration" and "Spot the Red Flags of Fraud" investor education campaigns.

There are a number of strategic goals and actions that will continue through the CSA's current three-year business plan, described elsewhere in this newsletter. For example, under the goal of improving investor protection by enhancing investors' ability to obtain redress and strengthening the advisor-client relationship, the report notes that the CSA is continuing to conduct research about the client-facing titles used by registered individuals, with the intention of formulating recommendations. The CSA also conducted research to identify issues with the proficiency regime for registrants, with the stated goal to help assess potential enhancements to the proficiency framework.

With respect to misleading promotions, and under the strategic goal of addressing emerging market issues and trends, the CSA is considering a disclosure-based framework to help investors identify potential conflicts of interest in promotional content. For investment funds, the report notes that the CSA is looking at investment fund liquidity risk management and is developing proposed rules relating to the issue.

The CSA is preparing a request for comments for targeted amendments to the early warning reporting regime and National Instrument 62-104 Take-Over Bids and Issuer Bids, as well as introducing a new selective repurchase issuer bid exemption as part of the strategic goal to promote integrity and financial stability through effective market oversight.

We will keep a look out for these and other potential consultations that impact registrants and would be happy to assist with providing comments or discuss the impact to your business.

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