The Canadian Securities Administrators (CSA) has published a proposed national instrument for comment that would establish a single framework for the information technology (IT) systems of market infrastructure entities.
Proposed National Instrument 26-101, Information Technology System Integrity, would consolidate existing IT-related requirements for various types of market infrastructure entities into a single, harmonized national instrument. According to the CSA, the proposal would provide more consistent language and requirements for entities subject to the framework.
The proposed framework would apply to marketplaces, clearing agencies, trade repositories, information processors and matching service utilities.
The CSA said the initiative is intended to promote market confidence and strengthen the critical IT systems of important market infrastructure entities. The proposed regulatory framework aims to preserve the stability, efficiency and integrity of Canadian financial markets.
The proposed instrument consolidates the IT-related requirements for the different types of market infrastructure entities covered by the initiative into a single framework. In doing so, the proposal consolidates the current requirements while introducing more consistent language and requirements for the affected entities.
As part of the consultation, the CSA has included several questions seeking stakeholder input that will inform a second phase of the project. Those questions seek input on how the CSA can best align the framework with international standards and address issues related to emerging technologies.
The consultation, therefore, addresses both the proposed national instrument and issues that the CSA plans to consider during the project’s second phase. Stakeholder responses to the consultation questions will help inform the project's second phase, including how best to align the framework with international standards and address issues related to emerging technologies.
Stakeholders have 120 days to provide comments on the proposed materials and consultation questions. The comment period closes January 29, 2027.
The CSA encouraged stakeholders to submit their comments using the method set out in the notice accompanying the proposed materials. The notice and proposed materials are available through CSA members’ websites.