The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have jointly announced a one-year delay in their implementation of final amendments to access fee and tick-size rules, which they had originally scheduled to take effect on Nov. 2.
According to their announcement, the CSA’s and CIRO’s final amendments will come into force on Nov. 1, 2027, the new effective date for aligning with the corresponding rules of the United States Securities and Exchange Commission (US SEC).
The CSA will pause in enforcing the final changes to National Instrument 23-101 Trading Rules and adjustments to Companion Policy 23-101 Trading Rules, in connection with trading fee caps for securities listed on both a Canada-recognized exchange and a US-registered national securities exchange (US inter-listed securities).
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Meanwhile, CIRO will pause the implementation of its final amendments to the Universal Market Integrity Rules regarding the trading increments associated with US inter-listed securities.
The news release noted that the delayed final amendments aim to harmonize trading increments and trading fee caps on US inter-listed securities with the US SEC’s corresponding rules.
The CSA explained that its members in each jurisdiction will delay enacting the final amendments. For instance, the Alberta and Ontario Securities Commissions will enforce this delay via blanket orders.
The CSA added that it intends to consult with CIRO for any potential necessary action in response to the US SEC’s proposal to rescind r. 611, commonly known as the order protection rule, and r. 610(e) of Regulation National Market System.
In its news release, the CSA assured that any possible adjustments will abide by its usual processes and that it will publish the contemplated changes for comment.
The CSA had previously announced the adoption of the final amendments back in April.
About CSA and CIRO
As the council of the securities regulators of the Canadian provinces and territories, the CSA strives to coordinate and harmonize capital market regulation across the country.
On the other hand, CIRO serves as the national self-regulatory organization with oversight over investment dealers, mutual fund dealers, and trading activity in the country’s debt and equity marketplaces.
According to the news release, CIRO seeks to safeguard investors, offer efficient and consistent regulation, and increase Canadians’ trust in financial regulation and those who manage their investments.