The Canadian Securities Administrators (CSA) published its Business Plan 2022-2025 on June 27, 2022. As outlined in the message from incoming CSA Chair Stan Magidson, the plan sets out six strategic objectives that focus on building investor confidence in Canadian capital markets and facilitating their effective functioning.
The strategic objectives defined in the plan are as follows:
- Strengthen the capital markets regulatory system (including establishing a single SRO, modernizing national IT systems, and integrating Indigenous issues and perspectives into CSA policy development work);
- Optimize investors’ ability to contribute to policy development and expand the reach of investor education (including through the completed launch of the CSA Investor Advisory Panel);
- Improve investor protection by improving investors’ ability to seek redress and strengthening the advisor-client relationship (this will include supporting OBSI as an independent dispute resolution service with a focus on developing and recommending a binding authority framework);
- Address emerging issues and trends (including ESG issues and emerging technologies and business models);
- Provide smart and responsive regulation protecting investors while reducing regulatory burden; and
- Promote integrity and financial stability through effective market surveillance.
One element that was specifically noted in relation to the objective of delivering smart and responsive regulation is the work to simplify relevant information for investors in issuers of investment funds. The CSA intend to propose amendments to remove certain non-IFRS content that has not been found to be useful and is looking at new ways to organize other information in a way that is more useful to investors in the fund management report on fund performance, material changes and conflict of interest reporting requirements. Under the 6e objective, the CSA have stated that they will consult on possible options to address the issues that have been raised regarding access to real-time Canadian market data.