The Canadian Securities Administrators group has established a retail committee to review retail investors and retail investment advisers’ access to consolidated real-time market data.
The committee will also identify barriers to data access and present actionable recommendations improving access to RTMD products. Its work is expected to be completed in six to nine months.
The CSA is calling for applicants to join the committee. Candidates must be among the following:
- Retail-focused investment firms and platforms
- Investor advocacy groups
- Data vendors and technology providers
- Academics and researchers with market data expertise
- Other stakeholders with relevant experience or interest in how retail investors and retail investment advisers’ access and use RTMD
Applicants must provide a brief expression of interest, a summary of relevant experience or perspective, and their contact information. They may submit their applications to [email protected] under the subject line “Retail Industry Committee – Expression of Interest.”
The application period ends on January 9, 2026. The committee is expected to commence work in mid-January; the chosen committee members will be informed of timelines and structure details.
The retail committee mandate was incorporated into Appendix D of CSA Staff Notice 21-334 “Next Steps to Facilitate Access to Real Time Market Data.”
Earlier this month, the CSA proposed amendments to the National Instrument 81-102 Investment Funds and the accompanying policy related to liquidity risk management for all investment funds. The reforms focused on funds’ LRM frameworks, operational LRM matters, and LRM framework supervision.
Recently, the group also invited feedback on pitched modifications to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112). Moreover, it proposed a semi-annual financial reporting pilot for qualified venture issuers to implement voluntarily and pitched a framework for an independent dispute resolution service with binding authority.
The CSA is the council of the securities regulators across Canadian provinces and territories. It aligns Canadian capital markets regulation.