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Proposed instruments, rules and policies

The Ontario Securities Commission (OSC) continually works to improve the regulation of Ontario’s capital markets. We want to hear from you about our proposed instruments, rules and policies.
 

In 2023, we received 171 comment letters, related to 9 instruments.

Out for comment

We currently have a number of instruments which are open for public comment where we would appreciate receiving your feedback on the issues outlined in each consultation paper. We may also have included some specific questions to obtain your views. 

Number
Title
Published
Comments Due
31-103, 81-101 81-101CP , 81-102 81-102CP , 81-105
CSA Notice and Request for Comment – Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, National Instrument 81-101 Mutual Fund Prospectus Disclosure, National Instrument 81-102 Investment Funds and National Instrument 81-105 Mutual Fund Sales Practices and Proposed Changes to Companion Policy 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, Companion Policy 81-102 Investment Funds and Companion Policy 81-105 Mutual Fund Sales Practices – The Principal Distributor Model
13-102
CSA Notice and Request for Comment – Proposed Amendments to Multilateral Instrument 13-102 System Fees
11-799
OSC Notice 11-799 – Statement of Priorities – Request for Comments Regarding Statement of Priorities for Fiscal Year 2025-2026
51-102, 54-101
CSA Notice of Republication and Request for Comment – Proposed Amendments and Proposed Changes to Implement an Access Model for Certain Continuous Disclosure Documents of Non-Investment Fund Reporting Issuers
81-737
OSC Consultation Paper 81-737 – Opportunity to Improve Retail Investor Access to Long-Term Assets through Investment Fund Product Structures Comments Received
81-101 81-101CP, 81-102 81-102CP , 81-106 , 81-107
CSA Notice and Request for Comment – Proposed Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, National Instrument 81-102 Investment Funds, National Instrument 81-106 Investment Fund Continuous Disclosure, National Instrument 81-107 Independent Review Committee for Investment Funds; and Related Proposed Consequential Amendments and Changes; Modernization of the Continuous Disclosure Regime for Investment Funds
94-101 94-101CP
CSA Notice of Consultation – Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives

Under review

Once the public comment period for each of the proposed instruments has ended, the comments received are reviewed by the OSC and the Canadian Securities Administrators (CSA). Comment letters received on each of the proposed instruments are available publicly.

Number
Title
Published
Comments Due
41-101, 44-101 , 45-106 , 51-102 , 51-105 , 52-109 , 52-110 , 58-101 , 61-101 , 62-104 , 71-102 , 81-101 81-101CP , 46-201
CSA Notice and Request for Comment – Proposed Amendments and Changes to Certain National Instruments and Policies Related to the Senior Tier of the Canadian Securities Exchange, the Cboe Canada Inc. and AQSE Growth Market Name Changes, and Majority Voting Form of Proxy Requirements
11-502, 11-503
Proposed OSC Rule 11-502 Distribution of Amounts Paid to the OSC under Disgorgement Orders; Proposed Companion Policy 11-502 Distribution of Amounts Paid to the OSC under Disgorgement Orders; Proposed OSC Rule 11-503 (Commodity Futures Act) Distribution of Amounts Paid to the OSC under Disgorgement Orders; Proposed Companion Policy 11-503 (Commodity Futures Act) Distribution of Amounts Paid to the OSC under Disgorgement Orders – Modernize the Process to Distribute Disgorged Amounts to Harmed Investors Comments Received
25-102
CSA Notice and Request for Comment – Proposed Amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators and Proposed Changes to Companion Policy 25-102 Designated Benchmarks and Benchmark Administrators Comments Received
25-501
OSC Notice and Request for Comment – Proposed Amendments to OSC Rule 25-501 (Commodity Futures Act) Designated Benchmarks and Benchmark Administrators and Proposed Changes to Companion Policy 25-501 (Commodity Futures Act) Designated Benchmarks and Benchmark Administrators
81-102 81-102CP
CSA Notice and Request for Comment – Proposed Amendments to National Instrument 81-102 Investment Funds Pertaining to Crypto Assets Comments Received
31-103
CSA Notice and Request for Comment – Registered Firm Requirements Pertaining to an Independent Dispute Resolution Service – Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Proposed Changes to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations Comments Received
81-102 81-102CP
CSA Notice and Request for Comment – Proposed Amendments to National Instrument 81-102 Investment Funds Comments Received
44-102
CSA Notice and Request for Comment – Proposed Amendments to National Instrument 44-102 Shelf Distributions Relating to Well-known Seasoned Issuers Comments Received
58-101, 58-201
CSA Notice and Request for Comment – Proposed Amendments to Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices and Proposed Changes to National Policy 58-201 Corporate Governance Guidelines Comments Received
81-106
CSA Notice and Request for Comment - Proposed Amendments and Proposed Changes to Implement an Access-Based Model for Investment Fund Reporting Issuers Comments Received
41-101
CSA Notice and Request for Comment – Proposed Amendments to National Instrument 41-101 General Prospectus Requirements, National Instrument 81-101 Mutual Fund Prospectus Disclosure, and Related Proposed Consequential Amendments and Changes and Consultation Paper on a Base Shelf Prospectus Filing Model for Investment Funds in Continuous Distribution – Modernization of the Prospectus Filing Model for Investment Funds Comments Received
51-107
51-107 - Consultation Climate-related Disclosure Update and CSA Notice and Request for Comment Proposed National Instrument 51-107 Disclosure of Climate-related Matters Comments Received
51-102
Proposed Amendments to National Instrument 51-102 Continuous Disclosure Obligations and Other Amendments and Changes Relating to Annual and Interim Filings of Non-Investment Fund Reporting Issuers and Seeking Feedback on a Proposed Framework Comments Received

For approval

Once the OSC is satisfied that no further changes are required, the proposed instrument is delivered to the Minister responsible for the OSC for review and decision. Within 60 days after the Commission delivers a proposed instrument to the Minister, they may approve it, reject it, or return it to the Commission for further consideration. If the Minister does not approve, reject or return it, the proposed instrument becomes effective 15 days following the conclusion of the 60-day period or at a later day as specified in the instrument. The version of the proposed instrument under review by the Minister is available for viewing.